As the commercialization of American higher education accelerates, more and more students are coming to college with the narrow aim of obtaining a preprofessional credential. The traditional four-year college experience--an exploratory time for students to discover their passions and test ideas and values with the help of teachers and peers--is in danger of becoming a thing of the past.

In College, prominent cultural critic Andrew Delbanco offers a trenchant defense of such an education, and warns that it is becoming a privilege reserved for the relatively rich. In describing...