I'll throw my two cents in, this still exists today. The difference between now and then is that now a college degree is seen as a requirement for a higher quality of life. (And not in a eudaimonia way)

Many people are going to college primarily to make more money in their adult life, the actual learning is secondary. If you're already well-off or just don't care, you can still get the education for its own sake.

The issue is that we've created a perverse incentive to get a college degree.