There is a difference here between college and college education.
"College education" is an awesome thing that can round out a young person's mind - solidifying concepts and opening the student up to new ideas. It may also provide a certain level of training. "College," in the building on fire type of discussion is attainment of some level of prestige and access. Prestige probably equals more access.
At base, though, college in the US has devolved to being a pathway to being hired into a good job. The irony here is that being hired - even by a super high paying prestigious OMG you're going to have so much money company is still being HIRED.
Being a hired employee in a great-paying job - which I am - is actually the hallmark of the middle class. You can argue about what strata of the middle class you are in. Lower, Upper, Really Upper. I've-got-three-commas-because-I-was-employee-235-at-Google Upper. Whatever. You're still a hired hand, and you are middle class.
Which, I should repeat - I am.
I think people (other than Jon and a few others) miss the irony here. The middle class is vast and wide in the US, and not necessarily delimited by $$$. This is the essence of what has made life positive here in many ways. But I won't digress into that discussion.
I'll only add a summary of the single best response I ever saw about the ego associated with "elite schools." Kurt Vonnegut was giving a talk at Stanford and did a Q&A after. An oh-so-smug Stanford student got up and opened with a smarmy, wink-wink, aren't we special attitude. Vonnegut's response was short and stunning. Here - roughly - is the transcript:
Student: Mr. Vonnegut, thank you for being here tonight. You've given us all a lot to think about.
V: You're welcome.
Student (smirking): I'd like to think of myself as well above average, ...
V (cutting in): You're not.
Student stammered unintelligibly for a minute about the middle class and education. Then sat down.
I think about this exchange often. It's hard for me to explain why I found it so satisfying. I think because V's point was that, even if you put fancy dressing on your resume, even if you go to the right places and all that, you're not that different from your fellow humans. You're not that different from the laborer or waitress or whatever job you think of as below you (or your child).
I guess it goes back to the point above about wishing people would give up on more, MORE, MOST!!! as their goal in life. That's not what it's about.
I will never let DS weigh "prestige" in his choice of college. Never.