An important thing to note is that college is often a positional good. A large part of the value of a college degree is that it gets you hired at the expense of

An important thing to note is that college is often a positional good. A large part of the value of a college degree is that it gets you hired at the expense of people with a worse educational background. This is necessarily something that does not scale as total investment in higher education increases. In other words, this is very much the value to the student, not the value to society. The ROI values should be used for personal decision-making, and not for funding of institutions and subsidies for college attendance.