I think this is largely attributable to the change in college education -- both how many people get it, and what it consists of. It used to be that students were proud and grateful to be accepted at any college. Now the colleges are selling themselves like rock groups, and are grateful when students accept an offer of admission. This is largely due to the explosion of federal and state funding programs which both enable unqualified and/or uncommitted students to go to college, and removed any incentive for colleges to restrict entry to those whose parents are able and willing to pay (with the willingness part often tied to previous academic accomplishment), and to those whose accomplishments and attitude suggest that scholarships extended to them out of the college's own funds, will be more than repaid in one way or another. The modern outlook of college administrations is "we've got to sell ourselves to all these silly kids who've got all that free (to us) money attached to them, to maintain jobs for ourselves and our friends and colleagues, and fund our pet research pursuits." For-credit courses in movie-watching, full-blown majors in nonsense like "queer studies", and an absolute refusal to exercise any control whatsoever over students' lives, are the predictable result of this outlook.
At least half of the traditional age students currently in college don't belong there, and if they're learning anything at all that will increase their employability, they're learning it much more slowly and expensively than they would if they were learning it on the job. The primary purpose of college has shifted from preparing academically strong and committed young adults for specific careers, to a 4-year party-filled postponement of adult responsibilities. And most "students" end up with a pile of student loans for an education that did nothing to increase their earning power, but did raise the financial bar for their independence. Many could have supported themselves if they'd gone to work straight out of high school, but with big monthly student loans payments, and a resume and self-image that screams "over-qualified or at least thinks s/he is" for any job that they're actually qualified for, means many really can't support themselves (at least not while living in reasonably safe neighborhood, which is a line that their financially and physically secure parents usually aren't eager to have them cross).
Great point. Too many people are worshiping at the altar of a college degree at any cost. It doesn't make financial sense to go a hundred thousand dollars in debt to get a job making 25K a year. A course in entrepreneurship might be all they really need. Conventional wisdom isn't cutting it anymore.
Well said, my cousin got money from my mom to attend school, (we were proud when he was accepted, did not really thing he would get in) But later found out that in addition to the college money mom gave, he took out student loans at the same time. For "party" money. Now he has a degree in "film making" and works as a contractor. He is in debt. (He did not move back home though, his parents live in a mobile home.)