As someone who was recently a college aged kid, I have to disagree. Sure, we can't *really* afford it, but college kids waste a LOT of money on dumb things that they could put towards diving instead if they wanted to. Also, and most importantly, in college-you aren't worrying about a house or kids. If you wait a few years to start diving, then yes you have more money, but you also have the guilt of feeling like you should be putting money into a savings account or a mortgage, or even preschool and nanny costs.
And to start scuba diving with decent gear isn't too bad....Of course, I followed your philosophy and got the good stuff and now I'm totally broke, *sigh*