Not saying that people without higher degrees are ignorant, of course there are many ways to learn. But I think many people wouldn't find the motivation to learn without the social pressure to get a degree. So that pressure effectively achieves a society with less ignorance.
In the US you should fix the problem of the crazy tuition fees that send people into bankrupcy, though. In countries like Germany, tuition is free, i.e., the whole society pays for your degree. I find this reasonable: as a member of society, it benefits me that e.g. we have competent doctors for when I get sick, and that they are the best possible (i.e., selected by knowledge and skill, and not by being rich enough to pay for a degree).