Even on purely economic grounds, such questions [about the "value" of a college education], while not useless, begin with a false assumption. If we are going to treat college as a commodity, and an expensive one at that, we should at least grasp the essence of its economic nature. Unlike a car, college requires the “buyer” to do most of the work to obtain its value. The value of a degree depends more on the student’s input than on the college’s curriculum. I know this because I have seen excellent students get great educations at average colleges, and unmotivated students get poor educations at excellent colleges. And I have taught classes which my students made great through their efforts, and classes which my students made average or worse through their lack of effort. Though I would like to think I made a real contribution to student learning, my role was not the sole or even determining factor in the value of those courses to my students.
A college education, then, if it is a commodity, is no car. The courses the student decides to take (and not take), the amount of work the student does, the intellectual curiosity the student exhibits, her participation in class, his focus and determination — all contribute far more to her educational “outcome” than the college’s overall curriculum, much less its amenities and social life. Yet most public discussion of higher ed today pretends that students simply receive their education from colleges the way a person walks out of Best Buy with a television.Note, also, that a college president can only (credibly) talk like this if he has taught extensively himself. Here's the whole thing, well worth your perusal.