No, it will not. They'll be lucky to make $50,000 gross (which is extremely generous). Factor in taxes, basic living expenses, and debt, and they'll have nothing to save. The average age of first time home buyers will continue to rise which will create a large ripple effect on the real estate market. A college degree is useless for the majority of people.
I know people that aren't even paying interest, just the principle. No one gets into medicine for the money (at least no one with any common sense), but at least after all the schooling there's a pretty nice six-figure job if you can find one. I must say it's pretty amusing seeing all the college elitist I went to high school with accumulate in excess of $150,000 worth of debt and now be forced to get minimum wage jobs just to pay the minimum payment. Jobs are basically non-existent. College is grossly overrated for the majority of people.
Outside of college-specific careers (pharmacists, physicians, surgeons, attorneys, CPAs, etc), entrepreneurship is the way to build a successful career.
The student debt bubble is the next big economic event that will do the US economy in.