There are too many students looking for too few jobs. Back in the day, a college degree meant something; today, it's a first step. And people are unwilling to settle for blue collar jobs these days and parents don't want their kids to "struggle" like they did. There's too much supply in the student market and to distinguish themselves, students are getting more degrees.
I'm in law school; I know the job market is going to absolutely suck. There are too many law graduates out there at the moment. I have no debt. Why? Because I got scholarships and attended good schools, but not places I'd have to incur a huge amount of debt. The total cost of tuition for me so far would have been $220000-250000 + books + accommodations. I think I've paid maybe $20000-25000 total. My grades aren't fantastic, but I've done well enough.
I have some sympathy for those who get in this much debt trouble, but not much. Honestly, it's irresponsible in the extreme and quite frankly, people who make that sort of decision have no business in management regardless of the degree they hold. And though it will never come up and I'll probably lose out on a position to a few of these students, at least my head is well above water and I can have some time to find the right position.
"You'll Never Walk Alone"
"Psycho Murican" -- beeemerdude of Canada