Is college worth it?

A few weeks away from graduation (and a lifetime of paying off student loans), I've been wondering the same thing myself:

A different analysis, “using assumptions more in line with current realities, might reach the shocking conclusions that American higher education today has gotten too expensive for what it produces; that it has become too costly for the typical student ... that education (a college degree) does not pay!” Miller wrote. ...

College Board officials concede some of Miller’s points. They acknowledge, first, that the widely used million dollar figure is wrong, exaggerating the personal benefit to the average degree holder, and that there could well come a point, if tuitions continue to skyrocket, when the payoff of a higher education would fail to be worth it.