Despite the growing evidence that colleges and universities cost too much, deliver too little and push too many young people into a lifetime of debt, the idea of going to college remains a key part of the American Dream. Now William Bennett, a former secretary of education and the author of "The Book of Virtues" (1996)—along with his co-author, David Wilezol—takes on a question that parents and teens are starting to ask: Is college worth the ever-increasing price tag? The authors' answer is a hesitant "yes," but with plenty of provisos and warnings about bigger problems ahead.

Since...