There are people who make good money and enjoy their work without having a college education, and there are people who went to college and can't get even a minimum wage job. The flat odds are better that the college educated person will outearn the non-college educated person, even after accounting for the time and money spent getting the degree.
Mortgaging your future to pay for an education is rarely a smart move. If a person is determined to pursue a career that will not pay enough to justify the cost of a particular institution, then pick a cheaper school or a better paying job. In a perfect world, money would never be a consideration when choosing a school or a career, but in this real world those points have to be considered.