Marty Nemko has an article in the Chronicle of Higher Education calling a university bachelor's degree "America's most overrated product."
Reading the article, that title is misleading, but the basic conclusion is obvious: if you're not going to graduate college, then going to college is a waste. You incur debt that will persist for years for a few semesters of partying and living independently.
College is absolutely worth it, since many jobs, and all advanced degrees, require a bachelor's degree. However, I agree with the fundamental point of the article: if you're not at the top of your class academically, then you should look at alternatives, such as associate's degrees and apprenticeships. As a guideline, if you find yourself starting your college degree by taking courses covering high school level material, you probably shouldn't be in college.