Skip out on the debt, or try to get in the highest-ranking college?

I was reading the Times magazine the other day, and I came across an article similar to this one: http://moneyland.time.com/2011/11/04/college-graduates-face-record-high-debt-in-the-age-of-record-high-unemployment/

I read that college debt is worse than buying your first house. I also read of a woman who went to a top-notch college, was valedictorian, yadayadayada; and is now living with her parents and working at a low-paying run-of-the-mill hotel job. I have a couple of years before college, but I’m wondering whether you guys think students entering college should look for a full ride, or try to get into better colleges. I’m leaning towards the full ride idea…saddled in debt in my early twenties does not sound like it leads to success. Thoughts?
By the way, this is dealing with the United States economy.