I agree with you on this one except for a tiny opinion I have. I think these people refuse to relocate for a job (own a house, family, etc... in there current area).
Are you saying these guys are maybe finding work that makes use of their education, but they don't want to move somewhere for the job? I could believe that.
Personally, I went to an ok parochial high school in the D.C. area and then a public university (U.Va. in Charlottesville, Va.). I was in-state for college, so it cost less than private or out-of-state schooling.
Career-counseling at my high school and at U.Va. was pretty g@d-awful circa 1989-1993 -- I think both schools were kind of like, "ahh, you can figure that career stuff out for yourself...we're in the academic business, not the career counseling business." Well, by my logic, the academic institutions that make the aggressive investment in counseling their students and lining up work for their graduates are the ones that get donations from said graduates down the road.
Anyway, my point here is this: respect how you are going to invest your own time down the road when you are solely the one picking up the tab. If everybody is telling you, when you are 16-18, to drop 200k on 4 years of private college, then seriously ask yourself what the return on investment is for your 200k. Is it going to require further investment in graduate school to yield decent-paying work?
Maybe you should be investing a few hundred or a few thousand honestly taking some career aptitude tests before you ante large dollars on education. Then build and invest in education based on the test results there. Heck, online tests are better than nothing (and heck all this apptitude testing is even worthwhile when you are already 20K or more deep in some regular program you aren't so sure about anymore)
Or maybe join some organization that has an interest in finding out what you are best at -- maybe the military in some cases.
I only say all this because I might have benefited from making some different moves for education when I was younger.