The high level of student debt has been making headlines recently. It's estimated to now be over $1.2 trillion dollars. That's $1,200,000,000,000! Having gone through college and received a masters I go backwards and forwards on this issue. I believe that college is not for everyone and that if you're going just to find a job then you're going for the wrong reasons. On the other hand I know that my degrees have opened doors for me. With that said I know I'd still be successful without them.
Conversely, if you're going to go you need to major is something that has some employment prospects at the end. You NEED to have a degree to be a lawyer, architect, engineer, doctor, CPA, teacher, etc. If that's what you want to do, then by all means do it. If you're going to just become an enlightened individual than you don't need college for that. By all means go, but don't come out with $50,000 worth of student loans and go march in a protest about how awful universities and banks are for letting you do this. You're an adult, act like one!
Even if you go to an Ivy League school and major in philosophy you're going to have a hard time getting a job, just ask Tim Ferriss. Why would somebody hire you? You have no skills! So instead of being society's bitch after college for 20 years, how about you learn on your own and acquire skills? Then you'll have more time to read all of the philosophy books you want instead of working 2-3 jobs.