On the other hand, a good engineering degree with decent grades is a good way to get looks for jobs. You just might have to move to an area with industry. When I say "good engineering degree", I mean mechanical engineering, chemical engineering, electrical engineering. If you go with something like Industrial Engineering or whatever misc. degree below the majors, jobs are not so easy to find. I did have a high school friend that majored in Mechanical Engineering Technology which was more hands on and got a job at one of the semi-conductor fab companies around Austin.
Good grades mean a lot also. If someone has a degree with a 2.4 GPA, they had better have something else on the resume to speak for them besides partying 6 days a week. I always heard companies hiring out of college would sort the resumes by GPA: 3.5 or higher, 3.0 or higher, etc. The lower down you are, the more likely you won't even get a look.
If any kid ever asks me, I think I will tell them that if they go to college, 1) get a useful degree that has job prospects, and 2) put the work in to keep a 3.0 GPA or better (the lower tier the school is, the better grades you better have). If they can't do those things, they should really consider an alternative or be prepared to work harder to find a job and get ahead later.