First, let’s disregard the less tangible benefits of attending college. While I’m comfortable saying they’re “real,” they’re impossible to quantify and can be duplicated via other life experiences.
Given the huge number of jobs that have a degree as an initial filter, getting some bachelors’ degree from an accredited and “traditionally non-profit” college or university at a low relative cost is worth it. At the extreme end, two years of credits at a community college (with an eye towards transferring), followed by two more at the nearest state university, can be fairly low cost and low risk for the potential lifetime earnings bump.
Going to an Ivy or other famous door-opening institution is also worth it. Here’s where the doors that will be opened can actually be leveraged for opportunities to make even student loans a decent enough idea. You might even get a better education.
That huge gap in between is really just not worth it for most people who need a degree to get a job, at least not without someone else paying for it. There are always balancing priorities and uncertainties, but the middling liberal arts colleges and out-of-state football-factories of America are generally a terrible investment at the macro level, though even they still might be the right choice for particular students.
Taking out $300k of debt to attend Mount Froufrou College in Bumblefuck Indiana strikes me as the type of terrible (financial) decision that even an 18-year-old should know better than to take on.
