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Although people attend college or school for many different reasons, one of the most common reason for people to attend a college is for a career preparation. Although we have new experiences and also gain knowledge by attending a college or university, those are not the primary reasons for people attending a college because we can also get new experiences wherever new we go and whatever new we do. We will surely have new experiences if we attend a college but we do not attend a college for new experiences.
Second, we do not just attend a college only for increased knowledge. If increasing the knowledge is the only motivation for the person, then we have many other sources like textbooks, journals, internet and many other sources which can help us to gain knowledge. We need not attend a college if gaining knowledge is the only reason. However, we gain knowledge if we attend a college but gaining knowledge is not the only impetus to attend a college or university.
For example, if a university offers a very splendid environment and it can impart knowledge to the students better than any other university but if it does not offer any degree and does not show any job opportunities, I am pretty sure that few people will prefer to join it. Similarly, if a university is not so good at infrastructure and research work but if it still able to provide a better placement and career growth, it is no surprise that many people will be ready to join that university compared to the latter.
So, from the reasons and examples stated above I think there are many factors that influences a person to join a college or university, career preparation is the most important of all.