This was a difficult assignment because there are only two reasons to attend a university:
1) to acquire abstract knowledge
2) to prepare for a profession
Making four paragraphs out of these self-evident points is a challenge. That's why this essay is almost nothing but padding.
If this were my assignment, I'd be stumped too.
Possibly you can beef it up a little with some data:
- the increase in college admissions since WWII
- the lifetime earning differential between college grads and non-grads
- the shift from abstract studies (such as philosophy) to science and technical studies
- the debate over using universities for vocational education and job training (such as for nurses, teachers, technicians)
- the shift in the demographics of who graduates in what fields since WWII
- the number of university seats as a function of the nation's wealth
- the number of grads as a cause of a nation's wealth
Best wishes in your studies.