Aside from education, College/University changes people in immeasurable ways. Usually it's where you meet friends you have for life, find the person you want to marry, discover your political and philosophical self, explore vastly different parts of your intellect from incredibly smart/talented people (anything from quantum physics to 18th century english literature), and, most importantly, mature.
These are things that you can't put a price on but will stay with you the rest of your life. Of course, one doesn't necessarily need college to mature but it's a great environment to do it in. I can't imagine trying to do that in a corporate environment.