I really object to thinking about education as 'value for money' only. That's not to say that education in some countries is outrageously expensive (it is) or that student loans are terrible burden (it is). But the real issue is that modern education is increasingly shoddy, regardless to how much you pay for it.

Still, I think it's important to have formal education, because most young people aren't self-organized enough to learn on their own. Also, universities are important social institutions (yeah, sounds ironic in 2021) where social skills and connections obtained can dramatically influence your life decades after the education is finished.