There is a lot to be learned in college besides the course work. Choosing the right college and paying for it can be complicated. The easy money of going into debt lets many pick a path that is not well suited to their circumstances. Unfortunately personal finance is not a subject that has a strong focus. Parents need to guide these kids better but they often don't know the best either.
And things have certainly changed since the old days. My first semester at state university was just under $100 (+books) for the semester. The state has curtailed the subsidies and that burden is now on the students. The student loans back then were zero interest until graduation.