Regardless of the politics around minimum wage it reflects on the old way of developing a career. Used to if you wanted to do something you found a master and worked for them for often just room and board to learn the craft. After usually 3-5 years you could be deemed a master and set out to practice the craft on your own.
With the age of online education and the internet we are starting to see this model re-surface. Young people find something they want to do, such as real estate, find a person who can teach them at a low salary, and learn the business. I don't know that college is necessary for a career in real estate acquisition.
I look for smart driven young people and very rarely ask them what their degree is in. I know once they join our company I can give them a list of reading materials and review them together to educate them in the business.
Colleges will need to adapt. Be more fluid and frankly be more affordable to survive long term. The gatekeeping that degrees held are starting to be torn down.