I went to Emerson College in Boston and although I was a broadcast journalism major (was a radio and television reporter for seven years before I got married w/kids) a LOT of my friends were acting majors. I even worked at a talent agency right out of college in NYC. My son, 13, is a theater major at the school of the arts in West Palm Beach and loves it. A lot of my college friends are still working as actors. One is on tour with a equity play, one was just in transamerica, etc I truly believe it is survival of the fittest, those who "hang" in with dedication.
Jay Leno (who went to my college) once said that he and his wife decided very early on not to buy a house, have kids or acquire any debt when he was a young comic. When asked why he said that he knew of countless comics who were much funnier than he was who had kids, got a mortgage, etc. and then were forced to work "normal"jobs and had to give up the lesser paying comedy jobs. It killed their careers. I tell my son all the time, follow your dreams but get ready to wait tables, work crappy jobs at night, etc. I think it is character building if acting is really, truly your dream. You are only young once! And I also agree about technical theater. It is a very good profession.
GOOD LUCK to all you thespians out there!