While it's true that not all education pathways lead to high paying jobs, sometimes people want to go to school to simply learn everything they can that is interesting to them.
Is going to school bad when you're just looking for education and want to be smart versus only going for money? Chasing after money is not bad, but when it consumes you completely, that's bad.
Money isn't everything. Learning is an amazing experience, and that should be the motivator, not hopes of making loads of money.
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The biggest reason why people go to expensive universities like Harvard is because they think that because they got a degree from Harvard now it makes them 10x better on their resume than one that got the same education from a community college or a public university.
Sometimes those private universities just has classes that aren't provided by community colleges or a public universities. It's not necessarily a bad thing, but that's how it works from what I read.
Now, would I like to go to Harvard? Hell yeah! But do I want to get a degree and wave it around like some douche with a degree? Nope, that's not my virtue, nor is it me.
I go to community college, and I have no shame (except some professors who are lousy at their teaching).