In my opinion, being well educated is more of an awareness of oneself, rather than a practical understanding of our surroundings or the wider world. Irony of applying to a school aside, schooling isn't necessarily synonymous with an education. Instead, it is the acknowledgement that one can never be fully educated, an appreciation for knowledge, and an insatiable desire to acquire more knowledge that guarantees a good education.
To me, an education should bring a sense of gratification, yet will never be able to completely fulfill one as a learner. It's the underlying sense of pride achieved as collective experiences and studies lead one to be more conscious, more open-minded, and more capable of making rational decisions. A well-educated person should also be comfortable with uncertainty, and the prospect of making and reflecting on his or her errors. For a learned person, each error should become a lesson in and of itself, and an opportunity to improve.
As knowledge, for the most part, gains greater value when shared, becoming "well-educated" bears the obligation to pass on insights for the greater good of both humankind and the natural world. Therefore, one who is well educated should be as enthusiastic a teacher as he or she is a learner.
In effect, I believe that education should result in personal growth or betterment, and the ability to ultimately apply one's knowledge for the benefit of society.
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