Background: I went to a reasonably high-level engineering university. So there are my biases and my credentials for the topic, take them as you will.
I'd say, a college education is absolutely worth it in one of the following cases:
- You intend to go into STEM (science technology engineering math) fields. At this point, it's mandatory. BUT -- don't go to a crappy school for this. If you're going to go STEM, I say go all the way, and pony up for loans for the best place that will take you. Right now, people from mediocre schools are being looked over in the engineering world for people who either have higher degrees or have a bachelor's from somewhere really respected. I know that ~$200K for four years at Caltech looks like the world's worst sack of debt, but you will have *the* best chance at a job that you could ever have, once you're done. In this economy, that matters. Also, note that if you want a job in the sciences (physics, math, etc.), you want a grad degree, while engineering only mandates a bachelor's.
- You want to do research. (In which case, you actually need to get a master's or, more likely, a Ph.D.)
- You want to teach. Seriously, go learn your subject, and don't be one of those sucky teachers that just kind of fills in at crappy schools. We need more teachers; go be a quality one. However, you don't need a Ph.D. to teach, so you don't need to suffer crazy grad school for this.
- You want to be a doctor, lawyer or some other very regimented career. Medical school is a very strict process, for example. It mandates higher education.
Here is when you don't necessarily need or want to go to college:
- You want to be a writer or some such thing that tends to be a hobby unless people become successful. At this point, your college degree is using up tons of money, and you're better off training for a day job that will fund you until you produce something that will sell. Remember, you *can* be an artist without going to art school, and you *can* write without classes, and you *can* go into fashion without any kind of education in the matter. Humanities I'd say are easier to self-study than science, and science is possibly more rigorous in mandating a college education. (If you're one of those prodigies that has already built a giant robot, you might -- *might* -- be able to skip this. But I don't think so. People like that tend to use that to get into college, not get a job.)
- You don't know what you want to do, but it's ambiguously in the humanities. Again, go find a trade to learn or some such thing, because the odds of anyone particularly valuing a bachelor's degree in humanities right now, are pretty low. The reason isn't because they suck; the reason is because *everyone has one.* Right now, you're better off specializing in something not everyone is trying to do at the same time, which has too few job slots and too many applicants.
Also, last note, don't overlook trades! At least in America, we tend to have big egos and see ourselves as "too good" for blue-collar jobs, but just try bringing that up when you need an electrician or a plumber or a welder. There was an entire power plant that couldn't be built because there weren't enough welders. This doesn't require HUGE EXPENSIVE EDUCATION, but it's a specialized field that will always be in use.