If you can do the academic work, then do the work.
If you can not or do not want to do the work, then you need to find some skill or trade for later on in life.
If you do not want to do anything, then most likely life will not be easy and your choices will be limited.
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Children are often not mature and do not always consider the effects of their decisions today on what choices are available to them tomorrow.
Education should provide a well balanced source of knowledge and experience so that children will be in a position to take advantage of opportunities that present themselves.
College in my opinion is not appropriate for all. For some, learning a trade or skill would be better than going to college.
I think it is good that everyone is given an opportunity to receive an education. It is a shame that not everyone takes advantage of their opportunity. Some learn this later in life and some never learn.
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I think the most important skill that an education can provide is the ability to think for oneself and make apporpriate decisions.
Not everyone has an IQ of 130+. A high IQ is not the end all and be all either. Drive and determination can at times compensate for a non-stellar IQ. Sometimes people that did not perform well in school are successful later in their lives.
(as a side note, About 50% have an IQ < 100 and 50% > 100. About 16% have an IQ < 85 and 16% have an IQ > 115.)
Sometimes people can be successful in business, but be utter failures in their personal lives.
Being a genius or a successful person does not mean you are good person (or bad person for that matter). Some would think that E. Scrooge was a successful businessman, but a cold hearted person.
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Just some of my ramblings.