A college education can be a good investment, with people who graduate typically making more money over their lifetimes than those who simply get through high school (This must be, of course, weighed with the debt a college education causes). However, the education should be in a specific field that will lead to high demand in the job market. As an example, it might be a challenge to get a job with an English or art degree.
As a perusal of any job board will reveal, most high paying jobs require a college education. It is much harder to find a good job without a college diploma. Most human resources departments ignore applications that do not include proof of a college education. You can almost always make more money if you have been to college.
If you can't afford a college education the only thing college does is put you deep in dept. With that education you may not be able to find a career that can help pay back the loans you collected while in college. So in short college isn't worth it at all.