How could students get more from college?
1. Networking
Socializing at that age can create lifelong bonds and networks that benefit tons of people. Ivy Leagues are networking gold mines. Even @JamesAltucher met a great programmer at Cornell(?) who helped him build one of his business, I believe?
2. Protect the downside
Those with a college degree earn more money than the average person without. If you go to a state college and/or earn scholarships, it's worth it to attend. Heck, you can work full-time and go to college part-time. Many employers will pay for your college.
3. Exposure to different groups
I met people in college with much different backgrounds than myself. From different countries, races, religions, etc. Don't see any downside to meeting people from all walks of life with a common bond (your university).
4. Take interesting courses
My college had some very cool electives. One was about cooking meat properly and understanding the different cuts. Another on nutrition. Another was a medical course, but was basically about latin. One was about psychology of marketing. I learned more from the silly courses than the normal ones. Yes, you can basically learn these outside of school. Oh, I took a bowling class and got pretty darn good bowling 2x a week.
5. Grow
I haven't met one person who knows what they are doing in life at 18. College allows people to float around and figure some things out with little to no pressure. I'd prefer if people waited even longer than 18 to start.
6. Speakers
When I went to school I had access to some really cool speakers. And the speakers gave us a lot of time and attention. Bill Clinton even spoke at my school. I couldn't get in to see him, but learned a lot from others.
7. Learning from mistakes
Made a ton. Again, less pressure so can come back and learn from those mistakes. Can see others making bigger mistakes and not make those.
8. Study abroad
If you haven't been abroad, it's a good opportunity to get some exposure to other cultures.
9. Avoid Massive Debt
10-20k of student loan debt is probably ok. Much more than that and you better be a surgeon or specialized dentist.
10. Life experience
Life is about making memories and experiences things. Going to college is fun for most people. And if it's not, you're probably just hanging out with the wrong people. There's a group for almost everyone.

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