You learn that you can't party all night, and be effective the next day. 
Everything else can be learned on the job. Of course, I do want my Doctor to be well versed in anatomy, but that is a vocational study.
My wife has a master's degree in a field that she never worked in, it was not a waste of time. A degree shows that you had the guts to complete a four year long initiation and that you are probably a good risk for employment and with a little luck you can be trained to do your job. The additional value of learning such life enhancing subjects as art history or music can add to a pleasurable life.
Of course, college is not and should not be a vocational education program, but for many, that aspect of it is why they are willing to pony up long-term debt and delay entering into the world of income.
Colleges and Universities do a good job of teaching life skills until the Fascist come in to control the leadership and curriculum as DeSanits and his gang of Nazi bastards have been doing in Florida.
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