The concept of higher education plays a key role in the development of modern societies and assists in the concept of human development. This Process of education can enhance cultural, social, and economic development. The literature reviewed in this document gives a contemporary review on the impact of the changing times of the European educational system, due to the Bologna Process. The Process is to culmination in a standardized educational system in 46 European and mid Asian countries. This research evaluates the potential social and psychological issues that have been created in conjunction with this policy as it relates to students and their development. The research gives clear examples of student development issues that can be linked to student mobility, employment, and socialization which are key issues of the policy. It is apparent that with any change agent this policy remains in flux and continues to develop at a slow pace.