Having also worked in higher ed for quite a long time (I've been out since 2004) I always quipped that young people really just want "lifestyle camps" or "lifestyle towns" where they can have the experience they want without all the pesky classes and studying getting in the way. Go there for a couple years, party down, then maybe move on in life. It would save a lot of people a lot of hardship and pain.
When I look back at my undergrad years, my favorite time was the week of no classes which was intended to give students time to study for finals, but was actually largely used to socialize.
