'College is overrated' is usually said by someone who became successful (I know, we can debate what 'successful' is, but I think everyone on HN can agree on a somewhat similar definition) without a degree or with a degree and then looks back and thinks they could have been successful 4 years sooner if they didn't waste time getting the degree. The problem with the statement, even if it 100% correct in their situation, is that it is not overrated in a lot of other situations.

I'll agree that there are a lot of degrees that have a low benefit to cost & time ratio (liberal arts, political science, etc.) where the statement probably applies well, but it is inaccurate for professions like medical doctors, electrical engineers, nuclear physicists, lawyers, and similar specializations.