I don't want this to be too political but to certain degree there is merit to this but we can see this from different aspects:
No. 1, college is EXPENSIVE - something needs to be done with this and unfortunately it's not the schools that will do this. The sticker prices are shocking (yes, you don't pay sticker prices, but even with everything that they throw at you, it's still expensive) and there are schools that I don't think we can afford to send our son to.
No. 2 the aspect of financial aid and scholarship. Right now the system only rewards the "extremely poor" and doesn't really help the middle class. So if you're middle class, you are too rich to qualify for aids but not rich enough to pay yourself.
No. 3 We need to do more educating students on the majors: what they can do with the majors, the salary, price of admissions to be successful in those fields, what they need to learn, etc. This way they don't change majors 3-4 times before graduating. Also they won't go to certain programs/schools/majors if they know that they will have to carry huge student loans when they graduate. We need to educate students on how to select colleges. too I understand when students are 18, they are adults, but parents and teachers can help too.
Making informed decisions will go a long way.
No. 4 Parents and teachers should not look down at trade schools. I used to run e-mentoring in one of my previous workplaces. We were paired with students and exchanged emails for 7 weeks discussing different topics (colleges, major, life skills, etc) and one time, one of our colleagues got complain from a student's parent because the student didn't want to go to college and the colleague/mentor suggested that if the student was good at trades, he should consider going to trade schools and his parents went BALLISTIC! These days I tell students that I mentor: a lot of office jobs have been exported to India, China, Phillippines, etc but you can't call 1-800 to ask how to fix electrical problems or plumbing problems.
5. Finance literacy. No explanations required
6. We should get away with "chase your dreams' - if you like poetry, painting, singing: be realistic: how good you are, what you can do with it? Can you make a livelihood from those? If you like history or art, what's your chance for example working for Smithsonian if you don't have connections? Being realistic will help students. If you like painting but not good enough, you might go to college of arts but end up painting local restaurants. This might sound harsh but that's the reality. While if you like arts but you go to certain majors that you don't LOVE but don't hate, you might be able to earn a good living and have disposable income to enjoy your painting/arts hobby.
And we need people with arts or history majors. I don't think the majors are the problems. it's the combination of a lot of things that cause this situation