I've known quite a few people like him. The problem with getting a degree is that now you're a real live grown up. As long as you're an undergrad, you can live in the crappy apartment with the industrial spool coffee table and bookshelves made out of cinderblocks and sleep on a mattress on the floor, and that's okay. That's undergrad chic. After you graduate, though, you are supposed to act like a real live adult.
Another thing is that guys who have been on campus for six or eight years get pretty good at nailing freshman girls.