It's not a scam, it is very useful to get a college education.
The only people that think its a scam are morons that think its some free ticket to a high paying job.
Everyone gets a degree these days, its pretty much required, not something that makes you stand out.
If you go to college for the right thing it is incredible what it can do for you. If you major in theater or something like that it might be a waste of money but if you go for engineering or some other professional job it is great. I went for Civil Engineering and have had great jobs since I graduated 7 years ago. I have always worked 8-4:30 and never any weekends. All of my friends/family who didn't go to college either work shift work, the night shift and work on weekends. People have been getting laid off all over the place this past year. I had a pretty good job but 6 months ago I got an even better job and had another company who really wanted to hire me.
As long as you go to college and major in the right thing it is a great move and college can be a lot of fun.