There are plenty of students who have no respect or values instilled in them. There are also just as many students who were raised to respect other people and to hold onto their values throughout life. You can usually tell as soon as you meet a student if it is one or the other.
Students I believe have become selfish but not devoid of values. If they seem devoid, then we must look upon ourselves as parents. Values are learned. Good or bad, all values are instilled by our parents. We go to the grocery store and eat a banana, our children learn it is ok to steal. If we take that banana and show our child that we pay for what we want. A husband or wife who cheats, show that child it is ok to be cavalier about relationships.
Everyone has values except arguably if you are unconscious or catatonic. When you eat then it is because you value satisfying your hunger and/or you value staying alive. I think who ever asked this question was trying to get at something else entirely and should properly rethink their question format.
Values are changing with the times. What some people may consider as values, not too long ago, may be considered outdated today. It is wrong to paint such a broad statement among all students, especially with how rapid the times are changing. There may be a set of students that are just bad, but that's not true of everyone.
I've been in college for the better part of twenty years and, somehow, while the students are not completely devoid of values, they are different. They care less about their environment, beliefs, and their opinions. Life is a routine day-to-day focus, with little ability to look up and outside of themselves at what the world is, or is becoming.