[cabalamat]

If you live in a society where most people go to university, and average IQ is 100 (by definition it was when it was normed) then you're going to get people with <100 IQs going to university, and some of them will graduate.

[zamadatix]

We're not in such a society though. Ignoring master's, bachelor's, and decent grades to just focus on a lower bar of "people with associate's degrees regardless of grades" we're still shy of 50%, even if we restrict to younger age groups like 25-30 years old.