This is true if you're saying that universities sell credentials among other things but false if you're implying that universities _only_ sell credentials. They also sell a rich learning and networking environment; _structured_ knowledge that you're presumably acquiring from people who've already mastered a field and thus can bring you through it faster than you could on your own; motivation in the form of deadlines and so forth, which is often difficult for most people; editing / mentoring relationships that help you dialectically develop your skills; and a way to guide figuring out what you might be interested in.
None of that is to deny that universities sell credentials too, but if that were their only function, they wouldn't be essential to our society.
> They also sell a rich learning and networking environment ...
That is worth anything only if it will help achieve future profesional goals. You are probably thinging of a rich start-up culture. It can be awesome for engineering and business majors. But for humanities, I am not so sure.
> motivation in the form of deadlines and so forth, which is often difficult for most people;
There is some value in that. Universities used to play the 'in loco parentis' role in the past (http://en.wikipedia.org/wiki/In_loco_parentis). In other words they provide an environment where discipline and certain norms are enforced. I am just not so sure it is worth $120k worth of debt at the end.
This is true if you're saying that universities sell credentials among other things but false if you're implying that universities _only_ sell credentials. They also sell a rich learning and networking environment; _structured_ knowledge that you're presumably acquiring from people who've already mastered a field and thus can bring you through it faster than you could on your own; motivation in the form of deadlines and so forth, which is often difficult for most people; editing / mentoring relationships that help you dialectically develop your skills; and a way to guide figuring out what you might be interested in.
None of that is to deny that universities sell credentials too, but if that were their only function, they wouldn't be essential to our society.