There are plenty of statistics that show that college grads earn way more than their peers who don't attend college. But, what does this mean? We definitely can't infer that going to college will earn every individual more money.
College administrators love programs like criminal justice and communications that warehouse students who want a four year party with an expensive cover charge. Most of those students will take a long time to catch up, financially, especially if they attend a college for academically challenged children of financially gifted parents. Many of these students don't have a clue what they want to do in life, and are only going to college because everyone else is. They would be better served working a few years, or ging into the military.
Students who work their butt off, such as those in quantitative fields, will do very well, of course. Any engineering field will pay off.
As for the OP, I would say that a student who goes to college because everyone else does, borrows a lot of money because the financial aid office tells them to, and selects a major because they heard it is easy, is a complete dullard, even if they have a B.S. degree. There are a lot these college students out there, and college administrators love them.