I think this is generally a good thing. I believe there are really two positive things that can come out of going to college - either you get a name-brand degree that opens doors and gets your resume looked at, or you get useful skills that enable you to go down a particular career path (e.g. CS degree). Obviously in some cases it'll be both. The reality is it's really tough to make any case that a humanities degree…
Seems to me like further polarization. Only those that can afford the elite colleges (or be “smart” enough to get in) will be educated, while the rest will skip any personal development and just go right into the market. Educating people in the skills necessary for being good citizens doesn’t cost that much. Most of the books required are free. Yet somehow the common response to “college is expensive” is “get rid of…
I don't know what country you are talking about but at least in the US, we have community colleges which are very cheap and can "educate people in the skills necessary for being good citizens". It is only the worthless degrees from private / for-profit colleges which are a problem.