Community colleges are 25% the cost and 50% the time and effort for 75% the pay.
That's a deal, if you're willing to do a skilled trade from now until retirement. It could get a little... monotonous... though.
The problem is that a lot of 18 year olds - and their parents - don't have a clue. They've - we've - been told for decades that you have to go to college to get ahead, and our culture and media propagate the one side of the story. (Liberal arts majors creating movies and television shows that glorify liberal arts majors? No, really?)
And it's true - in absolute terms, the lifetime earnings advantage (on average) of getting a four year degree will offset the much higher upfront cost.
But that much higher upfront cost is crippling for a lot of people.
It is death to the ego to realize that instead of shooting for the moon, you might just need to "settle" for the "safe" and "reliable" future.
I'm especially fond of the idea of getting a two year degree, getting a job in your field, and continuing to finish a BA/BS while working. Employers like that whole committed-to-self-improvement thing, and a lot of them do tuition reimbursement.
Shooting for the moon?
If you already have good grades and a strong work ethic in high school, there is a good chance you will succeed in your field after university. Success doesn't have to mean winning the nobel prize or making a salary of half a million a year or whatever. It just means being able to enter the job market at a higher level with more interesting job prospects and a decent pay. However, if you do aim a little higher, it can mean even more interesting job prospects and even higher pay, even if it's not $500000 per year.
I think the main issue here is there are a lot of people who have mediocre performance in high school think they're magically going to do better in university. This is usually just very wishful thinking, since at a good university/college, there is even more competition, and the standards are higher. In addition, many students go for degrees that are essentially dead ends unless they want to pursue academics.
Let me also note that although I have friends and acquaintances who have gotten many degrees only to end up with a job that would have taken less education to land, I also have friends who started with a trade and found it boring and ended up taking another degree in order to have access to better jobs.
To put it another way, when the time comes and my kids want to go to university, and their high school grades are decent, then I will do everything in my power to help them out in their goals. I will NOT tell them to just go for a trade school education just because it might be easier to land a job in that trade at 60% of the pay.