sowhatnow, sorry to say this, but you really need to be more positive for your son's sake. He's doing one of the smartest things a young person can do: getting an education and learning some good skills. If you endlessly look at the negative side of everything, it's going to end up affecting him and his studies. Yes, he'll come out of college owing money. Most people do. My cousin came out of medical school owing over $150,000 in student loans, but he's a frigging doctor now and is glad he went to university.
From what you've written, your son is smart, so there's no reason to think that he's not going to be able to get a decent job once he's done college. So instead of worrying about what might happen down the road, you need to concentrate on the positive aspects of what he's doing. He'll thank you for it in the long run.