The question we should be considering is, given that university education comes at substantial expense, and that the number of students our university system can accommodate is necessarily limited: what students are justified in going to university, by their ultimate social and personal benefit?
I would argue that sending unintelligent people through university is counter-productive: it undermines the quality of conversation and culture of the university by allowing mid-wits to shift the conversation. It undermines the standards that professors apply to their students by making it intractable to fail much of their class. It lowers the bar, even for the capable students. Thus it diminishes the education, most tragically, for the capable students who might otherwise take us to greater heights of understanding.