But having the piece of paper is starting to matter less [1]. Most people want a degree so they can get a better job, but who would you rather hire as a developer: someone who spent 4 years getting decent grades and a CS degree, or someone who spent 4 years contributing to open source projects and teaching themselves to hack? Of course some employers would choose the former, but a smart one would at least strongly consider the latter.
What does this mean for families? Many will undoubtedly continue supporting the institutions, but others may question the merit of spending years saving for and paying off debt from college when there are alternatives available. It's easy to imagine cheaper ways to work with mentors and spend time at the library, after all. :)
[1] Trends would suggest that the paper actually matters more now than ever, due to degree inflation, but I think this will prove itself to be a bubble.