It's part of a broken system we've got here now. The costs of a college education have blown up to retarded levels, and pay scale once you get out has not kept up. Plus, with more and more parents saying you MUST go to college, the overall value of having the degree has gone down. If EVERYONE goes to college, it's not as valuable as it used to be.
Come out after 4 years (or 5, more and more often), and at $35-40k for a private college (after tuition, room and board, books, expenses), and you can easily walk out with $150k in debt. How far can you get when you've got those kinds of student loan payments? If you don't get a $50k+ job right out of school, you're already completely screwed.
Scale it down, and even if you walk out with $30k, which is reasonable with going to a state college for 4 years, getting half in financial aid, etc, you still owe too much money to take the $20k job and survive. At least, not without living with parents.
Whole system is broken, and gets more and more so every year.
My college cost about $30k a year total when I went there, graduated in 2003. That same school is now in the low $40s. 25-30% increase in the past 5-6 years. How can anyone keep up with that?