Based on the Bureau of Labor Statistics 2010 data[1] the average college graduate has nearly double the weekly wages of someone with only a hs diploma ($1038 vs $626/week) and is nearly half as likely to be unemployed (5.4% vs 9.2%)
So I think it's a bit unfair to say that this is merely a 'cultural belief'. Do you have any data to support that dramatically improved salary and employment rate is just a myth?
I do agree with the points on students loans, but I just hear way too often how "college isn't worth it" without any data to back this up what-so-ever