We're movin into a world where fields are becoming ever more specialised, and where for many even entry tier jobs, a masters of PhD will be required. An undergraduate degree, instead of once being an elite qualification that offered you access to a comfortable middle class lifestyle, is now increasingly just the first stage in competency, and if you do not go further from then on, you're not going to succed.
I have seen jobs paying £17-£18k which require a bachelor's degree, stuff such as pathology technician or junior marine scientist. My first job in my organisation required a PhD, and paid £33k.
The problem with this is that it increases dramatically the time that someone needs to spend in education. With a masters, you've added two extra years. A PhD, sometimes up to 5 years. During that time, you're paid next to nothing, and in some cases, you must engage in unpaid internships to even have a chance of getting one of those jobs which will secure you a middle class existence.
The real terror is what is going to happen to those lower down.