There is a huge opportunity cost to continuing education for everyone for another four years past high school. Most people are not suited to college and would not benefit much from attending one. In addition, if a college degree becomes even more commonplace than it is in the local NM markets, then a college degree will lose any signaling ability and any real power to generate increased earnings.
The idea that everyone should go to college, or even vocational school, for employment prospects is just an attempt to paper over the inadequacies of the K-12 system. If we can’t get the majority of people ready for gainful employment in 13 years of taxpayer funded education, another four will not do it either.