The Chronicle of Higher Education asks the question, and various experts (including Charles Murray, Richard Vedder, and Marcus Winters) respond.

I liked Marty Nemko’s response:

All high-school students should receive a cost-benefit analysis of the various options suitable to their situations: four-year college, two-year degree program, short-term career-prep program, apprenticeship program, on-the-job training, self-employment, the military. Students with weak academic records should be informed that, of freshmen at “four year” colleges who graduated in the bottom 40 percent of their high-school class, two-thirds won’t graduate even if given eight and a half years. And that even if such students defy the odds, they will likely graduate with a low GPA and a major in low demand by employers. A college should not admit a student it believes would more wisely attend another institution or pursue a noncollege postsecondary option. Students’ lives are at stake, not just enrollment targets.