Nowadays, a degree is nothing more than an invitation to an interview.
It was never anything more than an invitation. A degree is a prerequisite for many jobs, but it has never been a guarantee.
It suggests that you have been exposed to the bare minimum information that will be helpful for a particular job.
That's part of it, but the smaller part. The more important parts are that a college degree demonstrates that you can learn, that you can take on a large, somewhat challenging, multi-year task and complete it, and that you succeeded at acquiring some level of broad-based education. Engineers and other specialists tend to scoff somewhat at "liberal education" because it doesn't seem like it's useful... but there have been endless attempts to substitute narrow vocational education in technical fields and they don't stick.
In the late 90s I worked with people who'd graduated from BM's attempt to provide narrowly-focused education. IBM had scoured the factories for the brightest then sent them to an intensive two-year course in software engineering, paying them to learn. The result was competent software engineers who were difficult to work with because they knew absolutely nothing but software. Their thinking was full of the basic misunderstandings of politics, economics, science, literature, etc. that you find in typical people without any post-high school education -- and who didn't pay much attention in high school either.
They knew information theory and could write good code, but their lack of general education negatively impacted their ability to build software systems in many ways. They didn't communicate well in writing (though technical writing courses had been part of their IBM education), but more fundamentally they just weren't very good at understanding the complex problems of the business. It's hard to pin down precisely what the issue was, but it was real. They were as smart or smarter than many of the college grads... but they were just less effective as employees.
IBM ultimately abandoned the approach and started sending bright young factory workers to regular universities. Even that was less effective than hiring people who had gotten to and through college on their own, though.
As far as student loans, I view them as the newest version of crushing payday loans. Only the most desperate reach for them and get roped into a crushing interest rate trap.
Indeed... though I also think that the trap is less crushing than many like to describe. I think the biggest issue isn't that the loan repayment is crushing, but that people don't like paying for something they got years ago. I don't mind paying my mortgage because I'm paying for a house I'm living in now. I would definitely resent making payments on a house I already sold and moved out of.
Personally, I didn't get any student loans. It would have been financially smart for me to have done so, actually, but I didn't.
Begin your degree at a community college
Or a cheap four-year school, which was my strategy. Even better if there's such a school close to where your parents live, so you can live at home. A lot of the cost of education isn't the education, it's room and board, and if you can get that from your mom & dad for free, do it. This was my plan, though I ended up not following it because I got married -- but I married a woman who is a couple of years older than me and was close to graduation herself. She graduated a few months after we got married and started work that fall as a school teacher; not a lot of money but enough. Financially this strategy worked well for her; she quit teaching after a few years and has since lived on my income, which is an order of magnitude larger than she'd ever have made.
Volunteer for the military in a related field, or even in a general occupation. A two-year military enlistment qualifies for the GI bill
Another alternative is to join the National Guard or a reserve branch of the military. I joined the Air Force reserve. It qualifies you for most of the GI Bill benefits, but only requires a few months up front of full-time service for basic training and specialty training. After that, one weekend per month plus two weeks per year (which your employer is legally obligated to allow you to do). If you pick a military job that is related to your career plans, the specialty training could be extensive, as much as three years in some cases. Or you can pick something with less training requirements. I became a Security Policeman because the training was short... though what I learned about physical security has actually been useful in my software career.
I mentioned above that I should have gotten some student loans... I didn't realize until too late that part of the GI Bill benefits was that the government would have paid off my loans for me. I met another kid who was going to school on scholarships + GI Bill money who took advantage of this: He borrowed $20k (in ~1995) for "school", but used it to buy a brand new Camaro, then let the US Army pay it off.
Don't get locked into the four-year degree must be completed in four years trap.
Start to end, it took me 8 years, though I took a two-year hiatus to be a missionary. The last four of those, I was working full time, writing software. The last year of that time I was actually teaching a C++ programming course at night at the university I was attending, getting paid a small amount as adjunct faculty and getting 50% off of tuition for my own final coursework. That last part was not a common situation by any means, not something you can plan on, but it worked well for me.
I think it would have been marvelous to have done a "traditional" college education, living away from home, immersed in the college culture with lots of other young people. But I graduated with zero debt, and having already started my career, and my family, so it was a great outcome.
CaptQuark's main point is absolutely right: You don't need large student loans to get an education.