It does seem to work for Israel. If it comes about there should be no exemptions because of education status. Not everyone can afford to go to college. With terrorism a constant threat the country may have to resort to compulsory military service. I know some people will object but it may be absolutely necessary in the very near future. This would guarantee a well staffed military that would be capable of defending the country.
Unless there is truly no other choice even if we were to drastically enhance benefits for military service.
It's especially a bad idea to do it without college deferments. Not everyone can afford college but then affordability also hinges on effort as students who do better get more financial aid and scholarships.
Do you want to send the next Einstein to war and have him get killed? That could possibly cost us decades or even a century until we get cures for diseases, improved infrastructure, faster and more efficient spaceflight, or even ironically the person could have been someone who would've grown up to invent something that would've helped us win a war. In case of a draft educational exemptions are for the good of society.
I object to there being a military draft, I am not interested in joining the armed forces. Military service should be voluntary and optional, not mandatory. Personally, I'm not qualified for the lifestyle and infrastructure of the armed forces; I'm a staunch individualist whereas the military emphasizes conformity and obedience.
Nowhere in the Constitution does it call for forced military service. In fact, I think it would severely cripple our military by filling it with people who are not emotionally or physically cut out to be soldiers. Everyone has their place in the world, not everyone can handle the rigors of war.
People nowadays have realized that it is utterly useless and a direct violation of liberty. In addition, the use of technology and innovative weapons will completely throw out the need for more foot soldiers. Although we still have selective service, it is Just a cruel, sexist joke. The Pentagon itself is against it.