Lot's of failure stories involving huge student debt. Nationally it's over $1Trillion, with defaults rising.
Large dropout rates resulting in wasted time and money, degrees in fields that offer no jobs, cultivated elitism that prevents many from seeking 'ordinary' work, knowingly promoting success through higher education to many who don't have ability to learn at that level.
It's a humorous irony that higher education is promoted to the masses 'so they won't have to work at McDonald's, and that so many university graduates wind up working there anyway.
Of course the biggest failure is the deliberate deprecation of labor, even skilled labor, which is viewed with absolute disdain by 'higher' education.
Eliminate these weaknesses and we might have a pretty good system.