That was a great post Snook!
I can't even begin to say how many graduates have sent resumes to me over the last 30+ years, but I can count two or three times on the same hand how many of those people were worth what they spent on those degrees. I can't tell you how many people I have know (my own kids included) that are working completely outside of their chosen education background. There's a really good reason why the saying; "Would you like fries with that?" is directly tied to recent graduates.
With regards to the linked author, I will repeat that almost every point made was because the student made the wrong choice(s). IMHO the biggest mistake many young people make is taking every summer off during their college years. Universities operate all year long, and the vast majority of students could be taking classes during the summer, especially during the first couple of years. Just by doing this one thing, most graduates would get their diplomas in 3 to 3 1/2 years, which will reduce their cost of living during time in school. Sadly, many students fall back on the excuse of not finding the class they want instead of taking the class that fills the requirement. Perhaps worse are those students who spend the summer off without picking up part-time work.
The bottom line is that college life should mirror working life rather than high school. Unless you think you want to become a school teacher, there aren't too many decent jobs in the real world that gives them three months off each summer.
While I'm at it, I should say that A-Jay's comment about military service was spot on as well. I think many young people would be better off spending a few years away from school, and then perhaps hitting up their favorite Uncle to help pay for it later.