1. Extremely easy access to loans for higher education. This, along with systematic misinformation makes for tons of philosophy/liberal arts majors that do not know what to do with themselves and their massive debt at the end of education.
2. Lack of student motivation. I went to college in order to obtain skills and knowledge. On the other hand, many people have other priorities as evidenced by amount of fraternities/sorrorities as well general alcohol consumption in college (Can anyone find number of liters of alcohol purchased in area near universities vs average? I remember seeing quite stark figure few years ago).
So, #1 was brought by college for everyone mantra. Problem with that is illustrated in #2, college should be only for people that want to and are willing to learn. IMHO, until those two issues are reconciled this particular higher education problem will not go away.