This is a stretch, the majority of the country can read.
There are plenty of colleges that provide a positive ROI, the biggest issues are: extreme cost, unprepared student body, proliferation of lower-class/middle-class students not majoring in, or working toward, career fields that are sustainable. Added to the US government and large-scale corporations working in conjunction to depress wages, and you've got a much bigger issue.
Closing for-profit universities that take up a large amount of federal funding, closing law schools and business schools that are more akin to scams than legitimate education institutions, implementing subject-by-subject testing instead of weak standardized tests at the end of the year, and funding pre-school programmes like Head Start as well as summer-enrichment and year-round programmes would greatly decrease the under-education of a segment of the population.
State and federal governments are too stupid to implement complete, commonsense reform, but the solutions are rather simple.