Right now, I think college is worth it if you are pursuing a degree that will likely get you a job. Unfortunately, some degrees that SEEM like they are really useful are not so much now. I have a teaching license (elementary and special education), and I can't find a real classroom teaching job, so I'm stuck teaching online (not what I want to do). My brother took out loans for law school, but is not working part time for DHL, sorting packages.
My parents said they would pay for our college, up to a certain amount, because they weren't going to go into debt over our education. My brother & I both got partial scholarships to the same (private) college, and then when my dad lost his job, my mom got a job at that university so they only ended up paying for 10% of the tuition. My older sister went to the local public university, which was very inexpensive, and my younger sister got a full ride to college. There are plenty of options out there, and it's important to think about what you really want to do, and what education you need to have to get there, instead of just assuming you will go to college for 4 years and figure it out as you go. There are much less expensive ways to "find yourself," if that's what you're wanting. (Not that I'm saying that's what the OP's kid was looking for.)