In the words of Clay Shirky (professor at NYU and a few other things):
Of the twenty million or so students in the US, only about one in ten lives on a campus. The remaining eighteen million—the ones who don’t have the grades for Swarthmore, or tens of thousands of dollars in free cash flow, or four years free of adult responsibility—are relying on education after high school not as a voyage of self-discovery but as a way to acquire training and a certificate of hireability.
Though the landscape of higher education in the U.S., spread across forty-six hundred institutions, hosts considerable variation, a few commonalities emerge: the bulk of students today are in their mid-20s or older, enrolled at a community or commuter school, and working towards a degree they will take too long to complete. One in three won’t complete, ever. Of the rest, two in three will leave in debt. The median member of this new student majority is just keeping her head above water financially. The bottom quintile is drowning.
Read the whole thing.