If they will spend 5 years (and a lot of money) to get a degree for which they won't get any jobs, then its a good idea to go to the varsity just to date women, drink, party, make memorable pranks (bras bombs, swapping teacher presentations for porn), etc. Universities are becoming wild party clubs, just more socially accepted. They will gladly pay back their student loans if they had great memories of their student years?
If they won't get jobs, how can they be expected to pay back their student loans? If you want to party, go to NYC, and party at the clubs.