Is College Still Worth It?

I got a statement from my student loan people recently. It said I paid $5600+ in interest on my school loans in 2010.

This means that in the two years I have been paying on school loans, the same amount of time I was actually in school, I have paid just under $12,000 in INTEREST. While my principle balance went down less than half of that.

And did I mention this debt was spread out over seven different loans because of various rules? Or that four of these loans (consisting of over 2/3 of the total amount borrowed) were accruing interest while I was in school?

All of this adds up to me paying 176% of the total amount borrowed by the time the loans are paid off.

If you've endured the grammar and numbers and are still reading this, I would like to thank both of you.

I bring this up to ask the question:

Is it still worth the investment to go to college?

I have heard all of my life that you can't get a good job without a college education. Yet everywhere I look I see people making $15-25/hr with nothing more than a high school education (and several people making WAY more). And I question if some of these people went to a real high school. Meanwhile, the suckers (those of us to went to college) might be making the same amount, or maybe a bit more, but with YEARS of school loans to pay off.

Is it worth making $6000 more a year if every bit of that has to go to school loans for ten or fifteen years? Right now my school loan monthly payments are about $50 less than my mortgage payment on a three bedroom house. I could afford a SECOND HOME with the money I'm throwing at school loans. How many doctors are out there making $100,000+ and still struggling because of ridiculous amounts of school loans? I would venture a guess somewhere in the "quite a few" range. (I'm nothing if not scientific.)

College as a whole is a very worthwhile experience. Between the knowledge gained, acquaintances met, and the experience acquired, several years spent in college can greatly influence a person's future. But I think the experiences and learning habits that a person develops may outweigh the fun facts a person may take from his classes.

Now, I'm not an idiot (at least not solely based on the prior sentence). I am not implying that the subject material is worthless. I certainly don't want a doctor who doesn't know his uvula from his vulva (I'll let you Google vulva yourself) diagnosing my mystery illness. But I think that the techniques learned with respect to observation and analysis are more important than trying to memorize every possible piece of information about your chosen career path.

I learned many things in my years of college. But I would put my current "Things learned in college" to "Things learned on the job" ratio at about 15:85. And some things, such as proper terminology, I am forced not to use. You should see the looks I get when I throw out words like "browser" or "forward-slash".

So, what do you think?  Does a college degree (I'm not going to say education) mean as much as it used to mean?