via Marginal Revoultion, "College is mostly about human capital, not signaling."
The author argues that the 3 big reasons we go to college is to build networks, motivation and gain perspective. I agree with a lot of his points but there is definitely a material difference between what a communications major and engineering major gets out of college. I suspect the people who will be the most valuable in terms of networking, motivation and perspective will likely be working pretty hard in their area of study. Overall I think he's overstating the value of the social / partying aspect - gotta say I wasn't surprised to learn author is a lifetime academic.