The average student now leaves university with £60,000 debt hanging over his or her head, often for the next 30 years, with interest added. (In 1994 the average debts were £3,000, and in 2009 it was £15,000).
At the same time degrees, except for STEM subjects (science, technology, engineering and mathematics) have largely been devalued in the job market.
Finally, many colleges are overcrowded, anonymous places.
I'm a believer in lifetime learning, by the way. I just don't really see the point of 'university' anymore and think society's obsession with this at 18 is having a negative impact and narrowing young people's horizons ironically.