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Unfortunately this is true outside of college football by NDHouston

At least in some majors, the value of a college education from American universities has become exceedingly questionable, and in many cases a proven waste of time.

Whether that worthless degree is attained while on scholarship or not is probably not materially different in the long term evolution of the student. The only difference is whether your broke your body or your checkbook in order to get the sheepskin.