Do you work in academia now? If so, yes, the story is wildly different for your case.
> I've never needed the credential for anything but passing the checklist of requirements for my first job
That's a pretty crucial piece of value! For people who don't come from wealthy families, that entry into the college-educated workforce is often the difference between poverty and not-poverty.
The networking angle is an interesting one I hadn't considered, though personally, while I made several great friends in college, they and the other people I met there have had little to no effect on my job prospects. The closest thing would be that I went to a job fair while in school which eventually led to my first job, though there are plenty of job fairs that are open to the public (potentially even the one I went to; I can't remember). Of course it's possible I'm not the average case myself and that many people get networking benefits from their college experience; I can't say for sure.
> how do you measure value?
I do want to clarify that I'm focusing on financial prospects because in today's America, those are quite dark for many (most?) people. I'm not someone who dismisses the value of a real education, or the value of those relationships and experiences and memories. But I've seen several friends who put themselves in hundreds of thousands of dollars of debt for those things, and will probably be paying the interest for the rest of their lives, and I just don't think that tradeoff is worth it.
Yes, there is value of being able to get the first job. Though the value isn't really quantifiable, and it changes over time. Plus the first job typically has other requirements besides a degree, all of which are valuable for the purposes of not getting rejected before an interview. I was just curious where "90%" comes from. (I'm comfortable with it being symbolic, representing your feeling that it's a majority. I just wanted to tease that out and clarify.)
To your original point, for better or worse, incomes and lifetime earnings are statistically higher for college grads. I didn't realize the difference was as high as it is, but the Fed recently published that in the U.S., incomes are roughly double for bachelor's degrees over non-graduates, and roughly triple for advanced degrees. That means that there is a large financial value wrapped up in getting the degree, one way or another. It might have a lot to do with networking, and it might have a lot to do with the credential and social signaling. I'm certain there's some of both. But this value is definitely a must to know about before deciding to forego a degree, and probably a very good thing to keep in mind before choosing an online program over an in-person one.
Yes, the 90% was a stand-in for my subjective impression
> incomes and lifetime earnings are statistically higher for college grads
Yep. And my interpretation (possibly biased) was that, in a world where nearly all information can be found online for free, the value of college as an environment for gaining professional skills has diminished greatly, but it still gets used as a (perhaps lazy) gatekeeping signifier by hiring departments. I still think there's truth to that, but there's probably something to the networking aspect as well
> I've never needed the credential for anything but passing the checklist of requirements for my first job
That's a pretty crucial piece of value! For people who don't come from wealthy families, that entry into the college-educated workforce is often the difference between poverty and not-poverty.
The networking angle is an interesting one I hadn't considered, though personally, while I made several great friends in college, they and the other people I met there have had little to no effect on my job prospects. The closest thing would be that I went to a job fair while in school which eventually led to my first job, though there are plenty of job fairs that are open to the public (potentially even the one I went to; I can't remember). Of course it's possible I'm not the average case myself and that many people get networking benefits from their college experience; I can't say for sure.
> how do you measure value?
I do want to clarify that I'm focusing on financial prospects because in today's America, those are quite dark for many (most?) people. I'm not someone who dismisses the value of a real education, or the value of those relationships and experiences and memories. But I've seen several friends who put themselves in hundreds of thousands of dollars of debt for those things, and will probably be paying the interest for the rest of their lives, and I just don't think that tradeoff is worth it.