Is college worth it?

I have been thinking, very seriously, about going back to college. First step is to sort out if I can get a loan or grant to help me pay for it though, so we'll see where that leads me. At $440+ per class average, with an estimate by the local college of around $4,488 per semester to take a semester of undergraduate courses, and a degree requiring 4 to 6 years to complete... that makes a 4 year degree, assuming only 2 semesters per year, a $36,000 investment. And that is before accounting for additional fees, increased costs for graduate level courses, books, and gas for transportation costs.

So, now the question becomes... is a degree worth well over $50,000 in debt? I'm still pondering.