There’s no easy answer. Unmotivated students. High student debt. Too much emphasis on athletics versus academics. Declining emphasis on teaching (versus doing research). And so on. In this post in New York Review of Books, Anthony Grafton cites eight different sources (books and papers) and provides some clues:

Vast numbers of students come to university with no particular interest in their courses and no sense of how these might prepare them for future careers. The desire they cherish, Arum and Roksa write, is to act out “cultural scripts of college life depicted in popular movies such as Animal House(1978) and National Lampoon’s Van Wilder (2002).” Academic studies don’t loom large on their mental maps of the university. Even at the elite University of California, students report that on average they spend “twelve hours [a week] socializing with friends, eleven hours using computers for fun, six hours watching television, six hours exercising, five hours on hobbies”—and thirteen hours a week studying.

For most of them, in the end, what the university offers is not skills or knowledge but credentials: a diploma that signals employability and basic work discipline. Those who manage to learn a lot often—though happily not always—come from highly educated families and attend highly selective colleges and universities. They are already members of an economic and cultural elite. Our great, democratic university system has become a pillar of social stability—a broken community many of whose members drift through, learning little, only to return to the economic and social box that they were born into.

This paragraph sounds more depressing than what my first year in college was actually like (there was no Facebook yet):

Is the higher education bubble about to pop? I don’t know. The more thoughtful writers warn against monocausal explanations. Bowen and his colleagues, for example, test the effects of student loans on attrition rates. They conclude that it is not clear that debt is a primary cause of student failure. Still, these developments are interwoven, in the experience of many students if not in the intentions of legislators. Imagine what it’s like to be a normal student nowadays. You did well—even very well—in high school. But you arrive at university with little experience in research and writing and little sense of what your classes have to do with your life plans. You start your first year deep in debt, with more in prospect. You work at Target or a fast-food outlet to pay for your living expenses. You live in a vast, shabby dorm or a huge, flimsy off-campus apartment complex, where your single with bath provides both privacy and isolation. And you see professors from a great distance, in space as well as culture: from the back of a vast dark auditorium, full of your peers checking Facebook on their laptops.

The summarizing piece is worth reading. I just wish the author made some effort to break down graduation rates, debt levels, etc. by public/private universities, household income, and race.