While also carrying more debt. And basically inescapable debt, unlike other forms that can be discharged via bankruptcy.
When you look at the average graduate, it probably is a waste of time. It certainly feels like most kids who don't go for an advanced degree (and advanced debt) don't even wind up working in a field relevant to their degree much of the time. On top of having debt over their head.
Everybody tends to look at the more exceptional cases for college's successes rather than the averages, though. There are a handful of degrees that can lead to better incomes (although, again, debt can be an issue), but most don't really have that performance and even the things that are supposed to lead to a better life are a crapshoot based on either cycles or the market's whims.
Well, it's definitely a significant investment of time and money. On top of the actual time spent, going to college probably shaved years off my life since I'd go one day a week without sleeping and a lot of my sleep habits date back to having to juggle college and working full-time to pay for that college, etc, to ensure I graduated debt-free.
Yeah, I can see that one being a poor investment.
Honestly, if colleges were run for the benefit of students and society rather than to make money for administrators and professors, a lot of programs would be cut.