No offense, but I think people who went to MIT (and similar) are least-qualified to comment on this matter. People who go to elite schools are generally going t

No offense, but I think people who went to MIT (and similar) are least-qualified to comment on this matter. People who go to elite schools are generally going to be fine either way, they are highly motivated and high-achieving and their classmates are the same. But lower down the rankings things are different. Those kids can't even get an interview without a degree. We aren't talking about Google or something, we're talking about jobs working the desk at a car rental office, or being an assistant manager at a grocery store, that sort of thing. It has absolutely nothing to do with learning skills (which, you're right, can be done online). You don't need any special skills for those jobs, at least none that are taught in school. It is just the piece of paper that matters in this case. Until companies stop demanding degrees for entry-level positions, college will be beneficial. Maybe that will follow once the bubble pops, but wow is there going to be a lot of pain when that happens.