In the same vein, my home town had a well funded Computer Science department at a state university. There are two major employers who exploit my home town for cheap programming labor. (We're talking COBOL programmers, with a 2 year Associates, and 6 years of experience making only $40,000 USD, $50,000 USD tops.) They threatened to leave if the town didn't do something about the shortage of trained work. My town put together a 2 year certification at said university. By the time I finally got the motivation to get an education, military contractors and previously mentioned employers had driven enough money back into the department that it had several 4 year Bachelors of Science tracks.
I got my degree and my loan burden was just at $35,000 USD. The only reason it was that large was that I passed up a decent paying part-time retail job to take on Tutoring in the Computer Science lab and doing undergraduate research for pennies. However, having the tutoring job, research, and ACM presenter awards on my resume definitely landed me several job offers before my graduation in December of 2009.
Since January of 2010, I've actually changed employers once and ended up at about $75,000 USD a year. If I hadn't been a complete idiot and bought a new car (as opposed to a used one under $10,000), I would be paying my loans down at twice the rate of my standard 10 year repayment.
My point is, it isn't that bad. It just like the GP said, people are allowing themselves to be fooled into this false idea that this is how the world works. Probably the best bet is people should take 2-3 years off after High School. That's what I did. (Actually, I dropped out my Senior year due to complications of being openly gay and attending a rural school, but that's another post entirely.)