Comment Yes and no... depends (Score 1) 716
As someone who never finished college - flunked out of university, twice, but still got about 4 years in, most of them from JuCo - I probably make approximately the same as any college graduate would make who is my age and has my experience. I got in in the mid-90s at a small ISP doing tech support and that was effectively my launching pad for a career in IT. Most of the years in IT it's been as a senior sys/network admin operations-type role.
I am not sure I can honestly and completely say that a college degree would have been worth it for where I am today. It can be difficult to calculate the ROI when you might make only $30-$40K/year to start and have $100-$200k in college debt to pay back (which is what - $800-$1000/mo in loan repayments? At least.). It's an INSANE debt load to have when you haven't even purchased a home and possibly a car yet. And if you go to grad and/or professional school that's another at least 100-200K of debt.
I had only about $8000 to pay down which was manageable when I was making bupkis doing tech. support.
Where it IS beneficial depends on your career path. If you want to end up the Fortune 500/1000-type companies, they have pretty strict codified pathways to management and you pretty much HAVE to have your degree though you'd be surprised that most only care that it is a B.A./B.S. from anywhere school (basically ANY online school or diploma mills like U of Phoenix, Chapman U, etc.) and probably an MBA. If you're really, really lucky your company will pay for at least some of your schooling.
Obviously a place like Google and possibly Facebook wants a B.A./B.S. from a decent college/university. Supposedly your chances are better to get a job there with a degree from Stanford or Berkeley or MIT but clearly not all of their tens of thousands of employees are Ivy League or even top-50 school grads.
And, to be honest, only management is where the serious money is in an F500 company. I'm over 40 now and am only now making what I made over 10 years ago - yes it took that long to claw back from a lay-off from a Bay Area startup, another layoff (that time from a big F500 corporation - at least the severance was good that time!), and getting fired because I was sucking at a job I really hated (and losing our home and filing bankruptcy thrown in there). Chances are best case I'm getting 3-4% per annum increase with maybe a $3000-$4K bonus annually. In short, as a rank-and-file employee I'm just barely keeping up with cost of living increases, especially where I live in the Bay Area. I could go to a San Fran or South Bay company and make $120-$140K probably but then rent is double where I am now, at least, and I'm competing against 4-6 Facebook roomies who are 25 years old.
Where I am today I am pretty "comfortable" but not in any way comfortable financially. If I could make $30-$50k more per year and live here I'd be in good shape. The company is doing well and growing like crazy and has been around over 20 years and is tracking toward a half-billion in sales annually. I am definitely not ready for retirement in roughly 20-25 years as I'm only contributing the minimum to my 401(k). And let's not talk about all the insurance I *should* have - life insurance for me and probably my wife, insurance for my mom's old age, etc. etc.
So... I work little side jobs here and there (I recently had a very good one where I was pulling roughly $1500-$2000/mo additionally down but unfortunately that went away) and am working on big ideas that hopefully I can turn into a viable business. That honestly is the only way I see to finding a pathway to relative financial stability.
All this to say - I would seriously weigh out where you want to be in the next 20-30 years. College is hugely, hugely expensive and if you have the drive to build competencies in valuable technical areas outside a traditional classroom setting and do that throughout your work life you can probably make as much or more than a college graduate would make. If, however, you see yourself heading the traditional pathways to management and envision yourself in a CxO chair where you have a ton of responsibility but you're also making a ton of money then go for college because in all probability it will pay off.