A free-to-the-student education, paid for by the government, will have very little value. From Bill Sardi at lewrockwell.com:
Free college education is now being handed out to high school graduates and will lead to the ruination of many unwary young Americans.
Here is what happens when higher education becomes commoditized:
1. More people compete for jobs that require college degrees. Greater supply and no increased demand means those graduates who do obtain jobs in their field will be paid less. With more graduates than job openings, these students who momentarily wore a cap and gown in a proud graduation ceremony may end up doing menial labor, like the women who clean my home or the waiters at a restaurant I frequent. Labor is still subject to supply and demand. It may be tough to graduate in engineering, but too many engineers and their earning power erodes. There are 117,553 graduates with an engineering degree entering the job market each year. Colleges do no counseling to inform students that the career field they have chosen may have a limited number of job openings. This borders on fraud.