The headlines tell us that, as a nation, we now owe more in college loans than we do on our credit cards. The average college debt load is about the price of a new Toyota Prius—$28,100 for those with a degree from a four-year private school, $22,000 for those from public schools.

The question is, are students getting fair value in return for what they have spent?

Anne Neal has been trying to help families answer that question for years. As president of the American Council of Trustees and Alumni, she believes students should leave college with a broad base of knowledge that will allow them “to compete successfully in our globalized economy and to make sense of the modern world.”

By that, ACTA means universities should require a core curriculum with substantive courses in composition, literature, American history, economics, math, science and foreign language.

“The fundamental problem here is not debt, but a broken educational system that no longer insists on excellence,” Ms. Neal says. “College tuitions have risen more than 440% over the last 25 years—and for what? The students who say that college has not prepared them for the real world are largely right.”

At WhatWillTheyLearn.com, students can click onto ACTA’s recent survey of more than 1,000 American four-year institutions—and find out how their colleges and universities rate. Two findings jump out. First, the more costly the college, the less likely it will require a demanding core curriculum. Second, public institutions generally do better here than private ones—and historically black colleges such as Morehouse and service academies such as West Point amount to what ACTA calls “hidden gems.”

Alas, much of the debate over the value of a college degree breaks down one of two ways. Either people pit the liberal arts against the sciences—“Is it a vital interest of the state to have more anthropologists?” asks Florida Gov. Rick Scott—or they steer students toward degrees that are thought to be more practical, such as business. Both are probably mistakes.

If the young people now entering our work force are going to change jobs as often as we think, the key to getting ahead will not be having one particular skill but having the ability to learn new skills. In this regard, the problem is not so much the liberal arts as the fluff that too often passes for it. In other words, though Gov. Scott is right to demand better measures of what Florida citizens are getting for their tax dollars, he’d probably be better off focusing on excellence and accountability than on suggesting specific courses of study.

As for the “practical” majors, New York University’s Richard Arum and the University of Virginia’s Josipa Roksa tell us these programs might not be as useful as once thought. In a recent work called “Academically Adrift,” these authors tracked the progress of more than 2,300 undergraduates at two dozen U.S. universities. They found that more than a third of seniors leave campus having shown no improvement in critical thinking, analytical reasoning or written communications over four years. Worse, the majors and programs often thought most practical—education, business and communications—prove to be the least productive.

On average, even those students who leave school thousands of dollars in debt will find their degrees to be a good investment, given the healthy lifetime earnings premium that a bachelor’s degree commands.

Still, when it comes to what our colleges and universities are charging them for their degrees, the students who complain about their high debts and slim job prospects have a point. Too many have paid much and been taught little. They’ve been ripped off—not by the banks or the fat cats or any of the other stock villains, but by the education system itself.

ADDITIONAL READING

"Is an Ivy League Diploma Worth It" looks at why more students are choosing to enroll in public colleges.

"Speeding Through College to Save Money" reports on three-year degree programs.

"Average College Debt Level Reaches $25,250" discusses how much 2010 students borrowed for their education

"Occupy Protests Trigger Envy, Ire in Generation X" looks at how high college debt and scarce employment opportunities have angered recent graduates.

"Average Salary Up for Class of 2011" examines which career fields yielded the highest financial gains for new graduates.

"A Recipe for Middle-Class Jobs" looks at how Texas created good jobs for even those who didn't go to college, and what can be learned from its example.

OVERVIEW
When it comes to what our colleges and universities are charging them for their degrees, the students who complain about their high debts and slim job prospects have a point. Too many have paid too much, and have been taught too little.

ACTIVITY IDEA

Based on information you learned from this article and from others in this month's Cover Story "Generation Jobless," do you agree or disagree with William McGurn's viewpoint? Write your analysis in a letter to the editor of The Classroom Edition at letters.classroom@wsj.com.

ADDITIONAL READING

"Is an Ivy League Diploma Worth It" looks at why more students are choosing to enroll in public colleges.

"Speeding Through College to Save Money" reports on three-year degree programs.

"Average College Debt Level Reaches $25,250" discusses how much 2010 students borrowed for their education

"Occupy Protests Trigger Envy, Ire in Generation X" looks at how high college debt and scarce employment opportunities have angered recent graduates.

"Average Salary Up for Class of 2011" examines which career fields yielded the highest financial gains for new graduates.

"A Recipe for Middle-Class Jobs" looks at how Texas created good jobs for even those who didn't go to college, and what can be learned from its example.