I certainly agree that history, philosophy, English Literature, Art and all that are important - but the purpose of a UNIVERSITY-level education is to make you a productive member of society. Everything else should contribute to that goal. Anybody can read books; libraries are free, and has thousands of them. Many museums are free, especially while you're in college. Programs like Khan Academy and its many imitators can provide distance learning for virtually any topic on the internet, for the cost of your internet connection.
Most people who ended up with Philosophy of Art History degrees and $250K in debt spent their nights drinking and partying rather than actually STUDYING the philosophy of the history of artists. They took brain-dead simple courses that they could sleep through, because SOMEBODY told them that a degree was a ticket to the corporate high life - and it wasn't true.
I agree with the Instapundit Glenn Reynolds that college loans should be dischargeable in bankruptcy - but that the degree-granting institution should be on the hook for 50% of the loan amounts. That would give them some incentive to cut their OWN costs, and to properly determine if a student would have any chance of paying back a proposed loan. As it is, the Federal government is a giant loan shark, granting easy credit to people who never had a prayer of earning enough to pay it back.