There are many reasons why people drop out of college and many as to why they don't even finish their first semester.
At the moment I'm concerned with the one that affects privileged college student: death by apathy.
Most people drop out of college because it's too hard. A lot of my friends stopped going because it was too easy. Granted this was at a time in their lives when they majored in whatever type of art they liked in high school, despite being more aware of the trap that is higher ed than the school guidance counselors.
Not that art isn't worth studying, but 90 percent of art students shouldn't be paying to go to school for it. A liberal arts degree from a decent public college is about as much as a new Corvette. So is a software degree, but only one of those degrees will let you ever pay that money back (or buy a Corvette).
Also, because there are so many majors, you only need a pulse and basic literacy to pass those degrees. They are quickly becoming worthless. Soon, a master's degree will be a prerequisite for entry-level office work.
Degree inflation is hitting my generation like a meteor, as people still somehow continue to be shocked at their bachelor's in English not getting them $60,000 a year out the gate.
Now, people who have a genuine passion for ancient Chinese art history are competing with legions of people with the same degree, but only got the degree because they could, and they were told it was a good idea.