Less kids are enrolling in college due to several factors. A decline in birthrates (right around the 2008 recession), a decline in those who calculate that college provides a real return on investment and the cost of lost opportunity, and also a third strike in the form of federal funding cuts.
There's a bunch of example case sob story, a lot of emotional focus. Yet I didn't see much (obvious) about any positive paths forward.
It's far too late at this stage to prop up schools that are surplus relative to population. Re-purposing them for other educational tasks or possibly businesses (rather than just a shooting range complex) might be happening elsewhere.
College could be made less of a rat-race hassle. The core aspects of an education and experience in college probably should be more fool-proof (all the classes delivered as a scheduled package that works, threaded for multiple years with a couple slack openings for retakes). With some slack time built in for making up a dropped class or three (not entirely skipped semesters!). Also social mixer and electives courses. Though crack down on the crazy party stuff, moderation is key, and as a tea toter, I'd like to suggest a very strong look at banning all mind altering drugs (including alcohol, other than limited quantities for cooking) during the educational years.
As far as the question of if college is worth it? That might differ from person to person. Trades / Vocational work can also be fulfilling and maybe some people might enjoy that. We all need mechanics, electricians, and construction workers. Though those jobs might seriously benefit from some augmentation / automation / tech to prevent worker burn out and body damage.