I agree that a high percentage of college freshman are not mentally ready for college life. I was 24 and married when I was a uni freshman, so I did not experience any problems. But alot of my classmates however, did not fair so well. Seems like the first thing they wanted to do after moving out of mommys and daddies house was party and stay drunk. When I was studding with and screwing my wife they were passed out drunk.
We could not afford to both go, so she worked in fast food to play my tuition, and I was the college man. We studied like we were both taking the class, and that helped alot, She was always more studious than I, but back then it was very much still a mans world. Anyway, I'm rambling again, sorry.
As for the ACT, I could give an extremely advanced test to a group of middle school students and they would fail, that doesn't mean that they are not ready for high-school. Seems to me that young people are not getting "dumber" it that the test just keep getting harder.
If I have learned anything in my many moons, it's that tests, pass or fail, are generally a **** indication of actual educational achievement.