That's one of the things I hear most about millenials, and it's probably true. Unfortunately I think a lot of college students these days are majoring in foofy subjects like gender studies and other ultra-liberal subjects and not in stuff that would give them specific skills in the workforce (like, you know, STEM). I had to take out loans for college, but I was able to pay them back relatively quickly because I was able to get a job right after graduation in the field that I majored in. You just can't do that when you study liberal arts offerings.
Even here in India, a lot of these ultra-liberals go for subjects, that have zero practical use in the job market. They study in liberal powerhouses such as the Jawaharlal Nehru University (JNU), where the hostel fee is $0.15 per month and tuition fee is around $1 per year. Once they get their degree (after 10-15 years of studying), they normally get themselves placed in some of the ultra-left media channels such as
The Wire, ThePrint or
The Caravan. Those who couldn't get a job there end up as "social activists", forming their own NGOs. These NGOs sabotages various industrial and infrastructure projects and for that they get good amount of hard cash from the foreign donors.