Does everyone need a college degree? Maybe not, says Harvard study.

A new report released by Harvard Wednesday states in some of the strongest terms yet that such a “college for all” emphasis may actually harm many American students – keeping them from having a smooth transition from adolescence to adulthood and a viable career.

“The American system for preparing young people to lead productive and prosperous lives as adults is clearly badly broken,” concludes the report, “Pathways to Prosperity” (pdf).

Despite a clear message that college is important – and a pervasive desire among young students to attend college – only about 30 percent of Americans complete a bachelor’s degree by their mid-20s, with another 10 percent completing an associate’s degree by then. A massive effort in recent decades to increase those numbers has improved them only slightly.