We are a commune of inquiring, skeptical, politically centrist, capitalist, anglophile, traditionalist New England Yankee humans, humanoids, and animals with many interests beyond and above politics. Each of us has had a high-school education (or GED), but all had ADD so didn't pay attention very well, especially the dogs. Each one of us does "try my best to be just like I am," and none of us enjoys working for others, including for Maggie, from whom we receive neither a nickel nor a dime. Freedom from nags, cranks, government, do-gooders, control-freaks and idiots is all that we ask for.
"There is no magic point at which a genuine college-level education becomes an option, but anything below an IQ of 110 is problematic. If you want to do well, you should have an IQ of 115 or higher. Put another way, it makes sense for only about 15% of the population, 25% if one stretches it, to get a college education. And yet more than 45% of recent high school graduates enroll in four-year colleges. Adjust that percentage to account for high-school dropouts, and more than 40% of all persons in their late teens are trying to go to a four-year college--enough people to absorb everyone down through an IQ of 104.
"No data that I have been able to find tell us what proportion of those students really want four years of college-level courses, but it is safe to say that few people who are intellectually unqualified yearn for the experience, any more than someone who is athletically unqualified for a college varsity wants to have his shortcomings exposed at practice every day. They are in college to improve their chances of making a good living. What they really need is vocational training. But nobody will say so, because 'vocational training' is second class. 'College' is first class.
"Large numbers of those who are intellectually qualified for college also do not yearn for four years of college-level courses. They go to college because their parents are paying for it and college is what children of their social class are supposed to do after they finish high school. They may have the ability to understand the material in Economics 1 but they do not want to. They, too, need to learn to make a living--and would do better in vocational training.
"Combine those who are unqualified with those who are qualified but not interested, and some large proportion of students on today's college campuses--probably a majority of them--are looking for something that the four-year college was not designed to provide. Once there, they create a demand for practical courses, taught at an intellectual level that can be handled by someone with a mildly above-average IQ and/or mild motivation. The nation's colleges try to accommodate these new demands. But most of the practical specialties do not really require four years of training, and the best way to teach those specialties is not through a residential institution with the staff and infrastructure of a college. It amounts to a system that tries to turn out televisions on an assembly line that also makes pottery. It can be done, but it's ridiculously inefficient."
The belief is that a college degree improves your economic prospects. It was noted that people with a college degree made more money than those without so everybody wants a college degree believing they will make more money.
The flaw in that (as you imply you realise) is that the two groups compared are not identical. The people who go to college are likely to be smarter and more motivated anyway, whether they go on to more schooling or not. The extremes in particular will be quite separate. That they therefore make more money long-term is hardly surprising.