Hunter Rawlings, President of the Association of the American Universities, knows what it's not:
So let’s acknowledge that college is not a commodity. It’s a challenging engagement in which both parties have to take an active and risk-taking role if its potential value is to be realized. Professors need to inspire, to prod, to irritate, to create engaging environments that enable learning to take place that can’t happen simply from reading books or watching films or surfing the Web. Good teachers “supply oxygen” to their classrooms, in the words of former Emory University president Bill Chace; they do not merely supply answers or facts. And good colleges provide lots of help to students who face challenges completing their degrees in a reasonable amount of time.
What, for Rawlings, is the "ultimate value" of college? Read on to find out.