I received much more from my post secondary educational experiences than a higher level of income. And those benefits, for me, were at least equal to or greater than the increased income. It was much more than money and financial return on the education investment dollar.
It changed and broadened my perspective. It provide me with opportunities for personal growth that I might not otherwise have had. I certainly earned more money. Not necessarily because of the education itself but because of the opportunities that it presented. I still had to work very hard and prove my worth every day.
And when I was hiring, degree was often a sign to us that someone could finish what they started. The degree may not have been relevant but if they person had skills, and had proven that they could learn and adapt that was often the 'hire' ticket.
+1 It is not all about the money. From my experience people who have finished college in general have a broader outlook on the world and a better perspective on divergent views. It changes the variety of people you can associate with (tolerate?) and gives you more confidence.
In addition very simple tasks for a college student, writing up the results of an experiment, or explaining a sales idea seems to be much easier for those who have been to college and had to write papers before. I have seen non-college people just completely stumped at having to write up even a very simple report.
Now about the money, you get more money the more of a monopoly you have on something that is needed. The barriers to entry. If the barriers to entry are very low, there is no way you will make a good wage ever. If you choose a field for which there is little demand, even if the barriers of entry are high, you will never make a good wage.
Even in non-college areas there are good professions. There is some barrier to entry for plumbers and there will always be a need for them, so they will be able to command a degree of monopoly on their services. For firemen and policemen and women there are similar barriers to entry and consistent need.
For doctors, engineers and those in technical and scientific fields, they all have high barriers to entry and, picking the right field, high demand.
Picking the right degree (especially but not exclusively STEM) at the right price can position you where the barriers of entry are high. Case in point, I would guess that the ratio of college grads to non grads is higher on this forum than in the general population.
College gives you the chance to broaden your perspective on the world, associate with a broader scope of people, enjoy more of life because you understand more, and in addition get the chance at a high barrier of entry field. And heck, it can be fun too!