Yes, as a college student now, I am confident that my degree is going to take me places that I could not go without it. I would never be able to get a good science research position without the degree that I hope to have before to awful long maybe.
I say college works for about half the people who go. The other half probably chose the wrong major, went to the wrong school or are probably on the bottom of their graduating class. The problem with everyone going to college is, everyone expects a good job when they get out. There is just not enough good jobs for everyone, and now many people are riddled with debt.
I think that the idea that a person can get a degree and just be okay for their financial future is a bit of a lie. Sure, there are some degrees where the odds of getting a stable job are worth the risk. But there are also a lot of degrees that are useless that fool some individuals into thinking they can get a job with them. The costs for some of these degrees are definitely not worth the gamble.
College has gotten really expensive and unaffordable for a majority of Americans. People often have to get loans to be able to attend college. The interest rates on those loans are high. Also, the job market today is weak. The combination of these factors means a lot of college graduates end up with jobs that can barely pay off their debts. This doesn't seem like much of a benefit to me.
I think most colleges are not worth the paper they are printed on. They need to start regulating for profit schools as well. I am a HR director, no silly profit school degree even gets in the door. I can't see most universities valuing the price of the degree, its just robbery on a epic scale.