College probably still helps in overall career earnings, but less so right out of college the way it used to. There are two simultaneous changes that make this true. One is the increasing cost of college, the other is in the inflation of unskilled labor salaries, driven upwards by societal pressure and drastic minimum wage changes. (For example, NYC's trajectory toward a $20/hr minimum for pizza delivery:
www.convenience.org ) Because there's little corresponding push for increase in salaries for entry level positions that need college graduates, the initial pay differential that used to be there has dwindled, at least when you consider takehome pay after college loan repayments.
Over the course of a career, those with college degrees are likely to increase salary faster over time, and eventually pay off college debts, but that benefit will come far later in life than it used to. In the meantime, those who elected not to go to college may actually enjoy a modest lead in take home pay, since they won't have the college debt to start with, and they will start earning it about four years earlier.