From the LaFeyette, Ind. Journal & Courier:

Purdue University's yearbook, "The Debris," which was first published in 1889, will fold after this year's edition. The university is just one of many around the country that will stop printing a yearbook because of a steep decline in sales that began a decade ago.
“It's just another big book I'm not going to use,” said Liz Johnson, a junior in visual communication design. “I've never actually looked at one.”

Lori Brooks, yearbook committee chairwoman for the College Media Advisers organization, said there are about 80 college yearbooks left in the country, down from about 100 last year. The recent creation of social networking Web sites such as Facebook, is one reason, but the decline really started much earlier.

"Student yearbooks are trying to sell history to people who really aren't interested yet," Brooks said. "In their high school book, they can go to the index and find everyone they know. There's no guarantee that you or your friends are in the college book."

Students are counting on social networking sites to preserve their memories now, Brooks said, but those sites are constantly changing. She said people may be disappointed a decade or so from now to realize they don't have the memories they thought they had been archiving. 

Read more here.

FYI
Anyone who wants a copy of the last edition of "The Debris" should go to www.purdue.edu/yearbook. There is an order form on the site. The cost is $55 per copy.

UPDATE
Mark Goodman (affiliation unknown) just emailed us with the following: “Tthe number of college yearbooks in this story was inaccurately reported and is dramatically wrong. The conservative estimate is that there are at least 500 college yearbooks publishing today, not just 80.”