The cost and benefits have fallen way out of whack. The average college tuition has tripled (after inflation-adjusting) since 1980 [1]. Meanwhile, an increasing number of college graduates are unemployed, and the wage premium for a college education is declining.
The college experience hasn't changed much (indeed, if anything it's improved) because colleges are sinking large amounts of money into providing a good experience. That, after all, is what a lot of students base their purchase decisions on. But the point of college isn't to be a 4-year party & vacation, it's to get an education that will help you the rest of your life. Increasingly a college education doesn't help you lead a better life.
The college experience hasn't changed much (indeed, if anything it's improved) because colleges are sinking large amounts of money into providing a good experience. That, after all, is what a lot of students base their purchase decisions on. But the point of college isn't to be a 4-year party & vacation, it's to get an education that will help you the rest of your life. Increasingly a college education doesn't help you lead a better life.
[1] https://www.bestcolleges.com/research/college-costs-over-tim...