However, college degrees do not guarantee good jobs. Though the college wage premium (the percentage by which the wages of college graduates exceed those of high school graduates) grew rapidly from 1979 to 2000, it has since fallen off, and there is significant income inequality even among college graduates. The Federal Reserve study found that the college wealth premium (the increase in net worth from having a degree) has declined significantly for white Americans born in the 1980s and has disappeared entirely for Black Americans born that decade. According to the study, these diminishing returns could be due to the surging cost of college—which has risen by almost triple the rate of consumer price increases since 1978.
I do relate to these ideas. Earning a stable career that will help you afford the cost of living within college is extremely difficult not only given the job market but also considering the cost of university. Even if you were to become a doctor, the cost of education is rising at what feels like an exponential rate while the quality just seems to decline. The quote provides what it identifies as one possible reason, and its a valid and true reason, but there are so many other factors working against college students which make it true that a degree does not guarantee a good job.