There's a lot of debate around the merits of the going to college these days. Due to high costs, high debt loads and a lack of good post graduate jobs, many are suggesting other paths.
College clearly is not for everyone and there are a lot of good alternatives.
But the data is also clear on the advantages of being a college graduate. The chart below is from the Pew Research article The Growing Economic Clout of the College Educated.
As can be seen from the chart, over the last 20 years median household incomes for those who have a college degree or advanced degree have increased. Those without a college degree have seen their median incomes fall.
The worst situation of all may be taking on debt to go to college and not finishing. This results in a debt load and declining median incomes.