Knowledge should be shared, regardless of what some people consider useful or not. Students now have different opinions and wider perspectives of things. If a student writes a paper and agrees to have to be available to the public than why not? The public should have a right to read what they were like, whether it is published by a well known author, or a student.
As a student at a university, I never realized how much information is actually kept private, hidden from public search engines like Google and Bing. An uneducated populace is an ignorant populace, and ignorance is one of the most dangerous things in the world. We need to open the doors of knowledge to everyone, not just a lucky few.
The truth is contagious. In the information age, a public that reaps the full benefits of academic knowledge is a more informed, more creative, more empowered public.
The university system is failing. It is putting students in debt, and it is creating careers in academic bureaucracies that have no clear public benefit. Among these are the journals with fees, which are closely protective of their information. Alternative systems exist, such as Arxiv.org, PlosOne, and Wikipedia. These have flourishing and pay-walled academic literature is one of the great untapped frontiers of human knowledge waiting to be unleashed on an insatiably information hungry public.
The academic papers that are out there are glorified school reports. Maybe a handful of them are actually worth reading. By not having them accessed to the public, you are saving people from having to read rubbish and having some not logical ideas being plagued by semi educated individuals. If someone wanted certain information on a subject, I assure you they are not searching some glorified term paper for it, they are researching on their own and making their own conclusion. Not resting on the conclusion someone else made.