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Small regional colleges need to increase the number of students to keep classes full. They are going after those who are the nerds yet can not afford the tuition's will wavier that for at least the first year. If the student does well in the next years the cost will be again wavier.
What it does is puts more people with education into the work force. To fill those 21st jobs in this new age. It is reported that theses new jobs needs a well educated work force who has at least a bachelor's degree.
When you get to management, companies are looking for those with at least a Master degree.
In Europe having a college education has been required for decades.