The number of former students in student loan default or those who are struggling to pay off their debt while trying to "have a life" is becoming increasingly public. I think a large % of students taking out loans don't realize just how difficult it will be to repay. They're becoming more aware of that.

It's a gradient, not a binary switch. As the price rises it reaches a point where there's not enough "oxygen" to continue. More and more people realize it is not such a good deal. That level is a lot higher with government guarantees of course.

More and more people are learning that the large amount of debt they're saddled with to go to college can set them back more than the advantage of a college degree can make up for.

The college wage premium was inverted during Covid. As of now, you net more over your entire life if you do not go to college.