What I don't understand about this movement is why these students feel they should be given a college degree for free - as in, I am literally not sure what they premise this argument on.
I believe the premise of their argument is that education plays a critical role in improving our culture as a society. The more highly educated people we have, the better we will be as a country. This is true for hard sciences, finance, literature, or any other areas of education students may pursue.
The flaw in this argument, is that if education itself is the intrinsic goal, there is no reason these students need to pay so much to go to college. They can go to community colleges and cheaper colleges which teach the same material (often from the same books) as the more expensive colleges. In fact, if intrinsic education is truly the goal, you do not need more than a high school education to be able to go to the library and self study any topic you desire. Of course there is an issue of obtaining requisite licenses for certain areas of employment (medical, legal, etc); but that is an entirely separate argument of whether such barriers to entry in certain employment areas are ideal.
To me, it seems that the only real reason students need to pay so much to attend expensive universities is so that they can improve their employment opportunities. In other words, students are willing to spend so much on education because they believe it is a good financial investment in that their increased future earnings will be worth investing thousands of dollars on their college education. If this is the fundamental reason for going to these expensive schools, why do these students believe they should not have to pay for their own investment?
Another factor undermining their movement is the fact that college today is viewed as 4 years of partying for a substantial percentage of students. Iowa has certainly earned its reputation as a party school, but it's also not that much different than many/most colleges around the country. I saw many of my college friends spend upwards of $100,000 on a Communications major that they barely achieved with a 2.5 GPA because they valued partying and socializing more than they valued studying and learning. Forgive me if I don't feel sympathetic for those types of students.