As a society, an educated electorate is important.
However, an electorate that buys things instead of paying of debt with jobs that don't pay more because so many people are getting degrees is also very important to society.
College's worth can definitely be measured and counted. It's value stops where the cost to the people is higher than the potential benefit of making improved elections and such.
Secondly, colleges, or my college, has not felt like a place that you go to learn and expand your mind anymore. It's a place where you jump through hoops to get a degree to hopefully get a job that requires one, to hopefully make more money.
College for personal reasons is for the incredibly rich who have parents that can afford to pay for their college. Otherwise, it's a very poor decision unless you can make more money in the long run (years spent on a treadmill are also potential costs that aren't on the debt).