I suspect you might be observing two correlates and picking one as the cause of the other in a way that is ahistorical.
Specifically, it seems to me that colleges becoming more vocational and colleges becoming more expensive are both natural outcomes of the neoliberalisation of all things. I am aware that some students now rationalise their educational investments with the logic you describe above, but I think it's a post-hoc rationalisation.
You can get a good job without going to college, and you can get a good education without paying a gazillion bucks.
A side point, but calling it "vocational" seems a bit euphemistic too. Learning carpentry is a vocation. Getting a business degree is not equivalent to learning carpentry. I might say colleges have become commercialised, rather.
Specifically, it seems to me that colleges becoming more vocational and colleges becoming more expensive are both natural outcomes of the neoliberalisation of all things. I am aware that some students now rationalise their educational investments with the logic you describe above, but I think it's a post-hoc rationalisation.
You can get a good job without going to college, and you can get a good education without paying a gazillion bucks.
A side point, but calling it "vocational" seems a bit euphemistic too. Learning carpentry is a vocation. Getting a business degree is not equivalent to learning carpentry. I might say colleges have become commercialised, rather.