I'm aware that most of them get flushed out. Chico state (northern california) is a prime example...it is one of the more notorious party schools - I think it was even listed on Playboy's biggest party school...but that also accompanied a high drop out rate.
To be fair, you can go to a job fair without a degree. There are government funded job programs all over the place (albeit they are being starved for money because Bush/republicans have been cutting domestic spending for their wars).