It's an education. Perhaps a degree. If the college is already accredited--assuming it is--whatever degree bestowed upon that student is only a tool, not a guarantee. It's still up to that student to make something out of that tool, to leverage it in some way.
Then perhaps we should make "percentage of graduates who are able to make a living in their degree major" a metric used in accreditation. Or at least have the government PUBLISH, broken down by college and major, the percentage of graduates who are behind on making their student loan payments. Then pull accreditation of any college program which has defaults rise above a given threshold.
The big problem is that colleges are admitting people who are not qualified for college, and letting them graduate from programs that do not demand rigor (and thus are easy to graduate from), rather than either not admitting them in the first place, or flunking them out in freshman year (before they've invested excess time and money in something that won't work out).