One point I see missing: Colleges are inefficient, have poor quality of life, cost too much, and will not teach you the skills you need.
Financially, there is no way I could afford a CS degree today. People like to make the argument that its 'not much' because you'll get paid your entire tuitons worth in one year of work! But, thats not true for everyone. Infact its not true for many. Perhaps if you already live in silicon-valley-esque areas, maybe. But if you don't, Microsoft, Google and Amazon aren't waiting at the door for you. So what happens when you get a degree, and you don't get a 'good' job out of it right away? You probably end up in retail, putting away your entire paycheck into your tuition when you can't defer it anymore. Or, you get a low-paying 'tech' job that burns you out of the field.
But, even if you can afford it, can students go through with it? If any self-respecting developer went back to college now, after owning a house, having a family, y'know, a life, I think they'd drop out in the first few months, for what we would then count as perfectly understandable reasons. But for students, both colleges, and society, treat them like vessels without need for things like privacy and ownership.
Colleges play the game of forcing students into classes that have nothing to do with their majors. For example, speech classes. Yes, these are nice to have, but I am an adult, and I should be able to choose how I spend my money. In the system today, you are at the complete mercy of what the college tells you to do. Don't like it? Too bad. No warranty, no returns, its gone.
College tuition and overall living amenities are quite terrible in most locations. The state (public) university here charges the same amount as commercial apartments across the street, for a dorm room you share with another student that is smaller than your kitchen. Infact, only one building even has a kitchen, so you're stuck with your meal plans, which are during times when you have classes. Oh, also, if you miss a meal, you don't get that money back.
If you're a male, and want to live near the college, you are at a disadvantage for rent. Girls are more preferred for renting, to the point where these places are girls-only, are cheaper, and are the closest to the campus. Cheaper as in, a few hundred less than a dorm room, and you actually get your own room.
Add ontop that this college purposely built in fast-food restaurants, over-spend on decoration and marble counters for their cafeteria (and other places), have teachers with superiority complexes and are generally incompetent - I don't think its a bad choice to avoid that altogether. Even if you're working at Walmart for years in the cheapest apartments, its still most likely better living conditions.
If colleges actually wanted to invest in education, there are a million ways they could be doing that. Thats not to say that all colleges are like this, community colleges can be better at costs and what you need, but students are never told about any of this. They are given a list of options. "Pick one".