I'm just speculating, but from what you have said, it almost sounds like he's afraid to move forward in his life. Sometimes even for the best of students, college/university and then the working world can be really scary for someone. He may have come to his fork in the road, and he's taking the wrong path because the future is scary to him for some reason.
You need to find out what is really bothering him beneath the surface. Maybe you or friends can help, or maybe he does need some therapy and guidance. Get him to understand the path he is choosing now is a lot more scary than the one he could be taking.
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