If you are interested in an alternative model: in Germany you go primary school age 6-10, then you go to secondary school which comes in 3 flavors: Hauptschule (general school, total 9 years), Realschule (total 10 years) or Gymnasium (total 12 years). Which one you will go usually depends on your academic performance.
If you go to Hauptschule/Realschule you can do an so called Apprenticeship, which is involves working at a company and going to school for 1 day per week (or so) for 2 or 3 years.
If you go to Gymnasium, you choose to do the same apprenticeship or go university where students will usually study for both a Bachelor and Masters degree (3+2 years). Students have to choose their major when they enroll.
Schools and universities are normally government run and as such free or at least heavily subsidized. Germans believe that education should be accessible to everyone (not sure about foreign nationals) regardless of economical background.
I don't know which model is better, but I think I favor the American one, if it wasn't so darn costly. In theory at least 3 years of collage should never be wasted time.