The drop-out rate (46% fail to graduate within 6 years) is the really scary part, and IMO, is where the chipper "Everyone can go to college!" line really falls down and start to look downright irresponsible.

http://politic365.com/2013/01/24/college-dropout-rate-called-national-crisis-in-new-report/

Then there are all the creepy for-profit schools with stratospheric drop-out rates. These places are the educational equivalent of payday loans and rent-to-own. I knew someone who needed a BA to advance at work and go up a pay grade. She got one from a sketchy, weird diploma mill that turned out to not be fully accredited. Money down the drain.