This econtalk provides some nuance for your point:<p><a href="http:&#x2F;&#x2F;www.econtalk.org&#x2F;archives&#x2F;2014&#x2F;04&#x2F;bryan_caplan_on.html" rel="nofollow">http:&#x2F;&#x2F;www.econtalk.org&#x2F;archives&#x2F;2014&#x2F;04&#x2F;bryan_caplan_on.htm...</a><p>There are many reasons to believe that college is more about signaling than knowledge.   While admission is an important part of the signal (certainly at the high-end), completing college is probably an important signal in the mid-range and below.  Completing college is probably associated with work-ethic, the ability to follow rules successfully, etc.