Discussing value for money on a free degree aside, I'd argue that the value of an EE is immense. I graduated last year studying EEE at a UK red brick uni, had the best time of my life, and learned a good number of skills that have come in handy in the last year having been employed as a professional engineer.

The debt question, at least in the UK, is more academic than anything - I'm currently earning 30k a year (which is already more than I need to live comfortably) and I'm paying £20 a month back on my loan. In 30 odd years the debt will be wiped off and given that you only pay back 6% of income above 27k it's not really like you'd ever notice it. FWIW my friends that went to uni and ended up with non-vocational degrees are earning around the 20k mark if they're working full time so chances are they won't even get close to having to consider their student loans for a good while.

In terms of the specifics I learned on my degree I would have to agree that not much of what was taught is actually helpful in my career but having four years to mature as a person, especially in an atmosphere where you're surrounded by other people who are happy to discuss engineering and related projects, has helped in a way I could never put a price tag on.