The return on investment in education has risen “substantially” over the past 30 years.[1] And to the point of whether college is worth it,
The correlation between your major and the job market matters. Arts majors who spend over $35,000 have a 50/50 or worse odds of doing better than high school graduates. The investment ($35,000) is not better than a high school graduate because the salary is not significantly higher than what a high school graduate receives in the same industry.
Other factors include the length of time it takes to finish college. A study by a Federal Reserve official concluded that 40% of undergraduate students do not finish college in four years. Increasing debt while delaying the receipt of income to repay that debt reduces the worth of the college degree. Again, other factors may justify or explain a slower pace to graduation. But absent extraordinary circumstances, the general economic equation remains the same. The longer it takes you to finish college, the higher the debt (investment costs), and the longer it takes to pay back the debt (lesser return on the invested money).
Consider this single geographic factor: Are you applying for a school in the state where you currently reside? If so, the cost of a college education can be significantly different. For example, the University of Michigan lists non-resident (out-of-state) tuition and fees for a first-year student in the 2022-2023 academic year at $58,072.[2] For residents of Michigan, the cost is only $17,228.
And of course, there are other factors, like the major you select, and the job market for graduates in that industry at the time you graduate and beyond. Generally speaking,
The most we can do is get the facts and assess the odds.
[1] The College Wage Premium, Jonathan James, https://www.clevelandfed.org/publications/economic-commentary/2012/ec-201210-the-college-wage-premium
[2] See https://finaid.umich.edu/getting-started/estimating-costs