I think colleges should educate people and not only train them for a job. This is only really viable with free education and much harder to do with the alternatives which are discussed right now.
For a BA, MA, etc, the goal shouldn't be a job, but the pursuit of knowledge. Part of that is the value in knowledge itself, but it also gives you a broader skill set that can be applied to many kinds of jobs, where a technical degree is much more specialized.
On the other hand the public has an interest in liberally educated neighbors and voters.