He assumes that the main value of a college education should be traditional education. For many students, college offers the first opportunity to live on their own away from home but in a substantially less frightening environment than the "real world", i.e. college allows you to practice swimming in the shallow end before hopping into the deep end.
That, plus the friendships and connections you get from college, may well be worth the price of admission, even if it isn't what you (or your parents) are paying for.
I have a friend that works in the registrar's office at my alma mater. He was, just the other day, bitching about some helicopter mom calling up to drop a class for her son. Before you write this off as some random freshman momma's boy, know that the son in question was a junior that was majoring in business. Inspires confidence doesn't it?
I wonder if his mom will manage his employees when he inevitably gets put in charge of someone someday. I think colleges are definitely diluted nowdays, so the degree means little more than "I had the money and time to finish it," but you can still excel in your education there if you choose to do so.
That, plus the friendships and connections you get from college, may well be worth the price of admission, even if it isn't what you (or your parents) are paying for.