In way way those are two sides of the same coin. College has become so expensive because it's so indispensable. You earn more money with it than without it.
It's become almost a Veblen good -- the more expensive it is, the more desirable it is. And that pushes all colleges to be more expensive.
Having people treat non-college experience as valuable would decrease the necessity of college, and hopefully lower the price. The prestige factor would still exist, but hopefully it would reduce the costs on the lower end that more people can afford the education (if not the networking and prestige benefits).
It's become almost a Veblen good -- the more expensive it is, the more desirable it is. And that pushes all colleges to be more expensive.
Having people treat non-college experience as valuable would decrease the necessity of college, and hopefully lower the price. The prestige factor would still exist, but hopefully it would reduce the costs on the lower end that more people can afford the education (if not the networking and prestige benefits).