The American system of higher education is based on seven myths: 

1. A college degree is the sure fire, slam dunk path to middle class or better prosperity. At one time this was true. However, for a lot of reasons, college doesn’t work that way anymore. 
2. Every child can be anything they want to be. That sounds warm and fuzzy, but it is not true. Ask yourself this, “Why does your local high school have honors classes, which are more rigorous, in-depth classes designed for students who want and can handle an academic challenge?” I have shocking news for you, there is no Lake Wobegon where all the children are above average, i.e. academic ability varies. Most high school graduates have no business, academically, being in college. 
3. A college graduate will earn, on average, a million dollars more in their lifetime than a high school graduate. While statistically true, this statement about the college Earnings Premium is highly misleading. The earnings of college graduates are highly skewed. Two out of five recent graduates find themselves underemployed, e.g. making lattes at minimum wage, while a few graduates make millions. Economists can agree on one thing, i.e. the Earnings Premium is shrinking. 
4. Money borrowed for your education is “good” debt. This statement was true when President Lyndon Johnson signed, the Higher Education Act of 1965, which established multiple grant and loan programs to make it easier for students to pay for college. College was relatively cheap, wages were rising, and Demand exceeded Supply. Over a half century later, that paradigm has completely disintegrated, and the college Wealth Premium has collapsed. 
5. All the well paying jobs require a four year degree. This is total nonsense. You are going to need some kind of postsecondary education, but that education doesn’t have to be an exorbitantly expensive college degree, accompanied by a boatload of student loans. 
6. Getting accepted to college is a unique turning point in life, i.e. a moment of glory, one of life’s big moments. Getting accepted to Harvard is a unique turning point in life. However, ninety plus percent of college and universities aren’t all that selective. Almost any high school graduate can find a school that will accept them and their parent’s money. 
7. Our economy can absorb all the graduates that colleges and universities can produce. Today there is a severe imbalance of Demand versus Supply, i.e. our economy can only productively take in sixty percent of the college graduates churned out annually. College is a competition for a relatively few well-paying, professional jobs. 

Today, contrary to convention wisdom, college is not going to turn out well for most high school graduates.