Comment by tootie

I think that's the disconnect. When college was more rarified, it was populated by a mix of children of privilege and those who had the talent, ambition and desire to expand their minds. That selection bias was enough to predict future success. When the formula was boiled down to "college=success" it became a system to be gamed. Students scraping and cheating to get admission, schools offering easier degrees. The birth of diploma mills where education didn't matter and student life was non-existent. No wonder the value of college seems so diminished.