Quote: By value I'm not just referring to the career / professional opportunities a college or university education can provide (but please mention those).....I'm also referring to how this experience can change you in positive ways.
Economics aside, I think one of the great values is this. Before my observations, I'll state my background. 1) lower middle-class US, public schools. 2) Out of high school and to an Ivy leage school for baccalaureate, liberal arts. 3) Work force for 10 or 12 yeas, then returned to a large US state university for a second baccalaureate in a technical field, 4) from there to a technical/life science doctorate program.
My first college experience was overwhelming - it took me into a an incredibly stimulating environment of bright, thoughtful people. It taught me to think, analyze, and opened up ways of interpreting the world I would never have otherwise. It introduced me to many foreign friends, and got me out of the US on travels that taught me quite a lot. Much of the value was cultural as well as intellectual. It was invaluable, even if it did not give me a particular "trade" I was suddenly certified to do.
My second experience was to get such certification (life sciences). I was much more focused and applied myself. This was also a function of maturity. The experience was intellectually broadening, but not nearly so much culturally.
The life sciences doctoral work was purely grunt work - learning a massive amount of information and how to apply it. No intellectual content. My fellow students were about 10 years younger on average. A really, bright, inquisitive bunch. Part of the experience was the reward of meeting people of that caliber and making friends.
I gave up a pretty high-paying career to go back for the 2nd baccalaureate equivalent and gave up a tremendous amount of lost income to do the doctoral work and get into a more rewarding and slightly lower paying field. It was incredibly worth it for the non-economic benefits.