Here's a timely piece on the subject:

Originally Posted by William Cohan in the NY Times
In the next few weeks, hundreds of thousands of high school seniors around the world will begin hearing from colleges and universities in this country about whether they have been lucky enough to be accepted for admission. But will it turn out to be a Pyrrhic victory if they get in?

...

...is the much-sought-after four-year education at the nation�s elite colleges and universities even worth it anymore?

Increasingly, the anecdotal evidence against spending such outlandishly high sums of money is looking more and more persuasive.

...

For most people � if they can afford it, or are fortunate enough to get financial aid � a college degree has historically been a solid investment. Whether the calculus still holds in a shrinking job market when the cost of that education is $52,000 a year, and rising steadily, remains to be seen.

It's an interesting piece.

Val