Truisms:
1) Not all kids should go to college.
2) There are non-college paths to careers, financial stability.
3) College loans are generally not a good deal.
4) A country can remain competitive in the global marketplace without all of its citizens being college-educated.
5) The US economy, culture, society allow for upward mobility, however for most people this takes considerable effort and sacrifice.

There are many old threads on these topics.

The above statements do not attempt to indicate which kids should go to college, how much effort/sacrifice is ideal for cultivating grit, perseverance, resilience, etc.

The decades of tomes on How College Affects Students are worth a look.

Most worthwhile things are difficult to achieve; Removing the difficulty and the winnowing process may also remove the value of the achievement.

I do agree that the price of college tuition has skyrocketed, and is too high.
I do agree that some of the building/construction on college campuses does not attract those who wish to invest themselves in learning... these include luxuries such as aquatic centers which resemble waterparks, with waterslides.
Based on my observation and experience, I also agree that there is a segment of the college student population which believes that "the college experience" must include beer, parties, unwed sex, Spring break in warm or tropical locations, fashions worthy of magazine covers to post on social media, etc. These kids may look with sneering condescension on those who make and keep a budget, turn down invitations to meet up for pizza and beer so that their food budget lasts all month, wear the same jeans all through college, and pick up every extra shift at work.

The article itself, in my opinion, is divisive and paints the college experience with a broad brush, whereas in reality there are many trends. Some may say that the study could be vastly improved by tracking actual student spending, and student budgetary practices (whether they make and keep a budget)... as this may help to separate the various trends and address each in a thoughtful manner.

While sanne reported knowing of a person who made it through college in part by living in a van, this person did not seem to see himself as a downtrodden victim for his sacrifices but rather as a victor, for accepting and working through the sacrifices and accomplishing the goal. This calls to mind the closing line of the article, "... these people have clearly exhibited a resilience that almost any employer would benefit from."