Not that this is a particularly insightful point, but I keep wondering, why does it never come up in these discussions that college is FUN? Regardless of its financial value or lack thereof, it really is an experience like no other.
Probably because many colleges cost like 200K nowadays. Fun's justifiable maybe when you're graduating with, I don't know, 0-10K in debt, but at 200K you've really gotta question whether or not it's worth it. A lot of people have their four years of fun and then end up slaving away as indentured servants to Sallie Mae for the rest of their lives.
It really doesn't need to cost that much though. I wouldn't be surprised if every state in the US has a public school that costs less than a quarter of that. (and obviously college is much cheaper in every other country). To clarify, I wasn't saying I thought that was the sole benefit of college - just one that never seems to get mentioned.
In my state it's about $80,000 for all four years. (including tuition & room and board--but not including where you live during the summer)