Well said. The only thing I would add is that while a college degree may be worthwhile in terms of immediate employment opportunity, every year college degrees are becoming inflated. I don't see this situation lasting more than 10-20 years without some "educational crisis", so alternatives need to be thought about.
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Looking at tuition at the University I attended, it has slightly more than doubled since 1998. $1 in 1998 would be worth $1.50 today. So roughly speaking, tuition has about doubled inflation. This is bad but not as bad as some would suggest. I agree that it can't continue like that though. At any rate, tuition costs are at least in part a product of supply and demand. If the government stops subsidizing it, prices will go down. If fewer people pursue a college education, costs will go down. Personally, I think universities will adapt but I guess we will see.