The big change that seems to happening is that a general purpose college education is less and less valuable in the market. This is a result of consolidation and specialization. Years ago, a general purpose degree could land you on the management track at the headquarters of the regional department store; now you need a specialized degree to even interest the recruiter at GlobX in Seattle/SFC/NYC.
The exception of course is: experience. "In God we trust; all others bring data" => "In reputable college degrees we trust; all others bring demonstrable experience". Demonstrable experience for a developer is easy: github.com. It's also easy for lots of other specialties.
A degree provides a claim of capability that varies with the degree provider. Putting [particle simulation code] on github.com (or whichever specialized site) provides a demonstration of capability without regard to degree.
Some employers will require a specialized capability that only a degree can provide (think GAAP accounting, which is insane/brilliant); some will search for the capability itself. It's a shifting continuum and a discussion between you and your kids; to say it's yes/no is to put on blinders in order to ignore a changing world.