Marianne Bitler and Hilary Hoynes: The More Things Change, the More They Stay the Same: The Safety Net, Living Arrangements, and Poverty in the Great Recession: Noted
Peter Orszag: Economy Can’t Be All That’s Slowing Health Costs: Noted

Yes, College Has Overwhelmingly Been Worth It for Americans. Why Do You Ask?

Note that unless you think the income distribution is "optimal", there are powerful positive externalities to funding more people to go to college even if the marginal individual is making a rational benefit-cost decision.

And the numbers very very strongly suggest that many, many people deciding not to attend college have not been making rational benefit-cost decisions:

Is College Worth It