I agree completely - the costs of college vs. the benefits don't line up anymore. It pisses me off to no end that young people mortgage their lives for a piece of paper that's worth very little. Employers have always cared more about actual productive skills, but the credential has been hard-coded into enough HR screens that it makes sense to check the box as quickly and inexpensively as possible. (Assuming you want a job, of course - if you're starting your own business, it doesn't matter at all.)
I'm in the midst of writing a series on my blog about getting college credentials as quickly / inexpensively as possible. Part 1 (http://personalmba.com/hacking-higher-education-clep/) covers testing out of college via CLEP examination. Part 2, which will be published tomorrow AM, covers how to graduate from Harvard without being accepted for ~25% the cost of a standard Harvard undergrad degree. Happy to post it on HN if anyone finds this stuff useful.