* There are limited seats available at the highest-status universities, so admission to those schools will remain a privilege disproportionately available to wealthy parents who can pay to game the admissions process.<p>* Simply attending a 4-year university has costs beyond tuition and books; there are plenty of people who don&#x27;t go to college because they can&#x27;t afford 4 years out of the workforce.<p>* The 4-year university system is extremely brittle, in that it creates good outcomes primarily for people who are in the right place (somewhere they can easily attend a good university) at the right time (right after they graduate high school) --- do anything to get off the college track during your high school years and it becomes extremely hard to re-engage with it.