Or at least you are supposed to. The problem is that in our society, the college degree has become a commodity. You are supposed to have one, even if you really don't need it.
Someone getting a CS degree, paying $80K is an investment. Someone getting a Communications degree, paying $80K is borderline retarded, why? because they'll wind up working at the Gap after they graduate making the same 25K/yr that they made before going to college, except they lose 4 years worth of promotions and raises.
Yes college is not vocational training...but if your degree won't help you get a better job...then you are just pissing a ton of money away. Someone working at the Gap should not be $80K in debt.
Actually, vocational training now a days is probably a better investment than a college degree. A plumber won't get outsourced, and will still make as much money as a programmer.