Wall Street Journal: The Diploma's Vanishing Value:

Think a community-college degree is worth less than a credential from a four-year college? In Tennessee, the average first-year salaries of graduates with a two-year degree are $1,000 higher than those with a bachelor's degree. Technical degree holders from the state's community colleges often earn more their first year out than those who studied the same field at a four-year university.

(Via, Via)

To be fair, there are all sorts of reasons this data could be skewed, but I think the higher ed bubble is real.