[superuser2]

If college were about knowledge transfer, we'd all stay home and read.

The value is in guided discussions, meetings with your professors, comments on your papers and code, making friends as you finally begin to understand difficult material together in the library in the middle of the night, and 4 years of living in an environment with an anomalously high signal to noise ratio of smart people throwing 100% effort into their collective intellectual growth.

[malyk]

Except most colleges outside the elite (and probably a lot of students at those too) expend more like 30% of effort growing intellectually. There is also significant social growth, generally, but a lot of time at college (probably most) isn't spent on intellectual endeavors.