Is college even worth it?

The other day, while I was studying hard for an exam I heared a scary discussion on CNN. They were talking about how the rising tuition cost for colleges is getting so overprice its almost not worth going. As a student who will be graduating pretty soon this is not good news. To go to a nice out of state college will almost cost about forty thousand a year. That's a whole lot of money that I don't have. Sure, there are many programs out there that will help me pay off this payment, but overall I will still have to get a job to pay it off. The economy as of right now is not looking to hot either as far as job employment goes. This makes me wonder, maybe I should just get a full time job right out of high school  and not have to worry about college fees or debt. I can focus on paying for food, my rent, and starting a life. To get a great job you need at least a master degree now a days, so this will cost even more money. The question is should you not go to college and get a chance to start a small life right away, or go and get a great education for a slim chance you might get a higher paying job. Even though you will be in ten or more years of debt that you will still have to somehow work off? Is college even worth it anymore?