I actually do think current college students and new college grads have more problematic attitudes of entitlement, but I teach at a university that is known for having rich, spoiled kids, so that could explain my opinion to some degree. Helicopter parenting and more and more pressure about college also raises the expectations of the younger generation I suppose, who maybe feel like they work so hard early on to get the payoff at a young age.
I think this might be the case too. One of the guys that was crying had grown up in a wealthy part of orange county, where every kid had a range rover, but were also expected to perform at Carnegie Hall, go to a great college and be successful in generally everything they do. They've always met expectations that they or their parents have set for themselves, and even though it was only a $5k difference to their expectation, it must have been a huge blow to their ego, etc. I think one of them is already talking about going back to business school or law school because they can get a higher salary once they graduate. Good for him his parents pay his way through another college experience, so that he hopes he can come out on top again, but what they don't realize is this isn't an option for everyone. For him its a free holiday in B-school, and for others, it means job insecurity, and $200k debt.
If they think this is a setback, then they are in for many surprises in the real world.