The user Library folder is in the same place but it's now invisible. I think this was done because new users were getting into trouble fiddling with it or storing documents in it.
There are several easy ways to make it accessible. First, follow Madison P's advice above to actually get to it - in the Finder, hold down the Option key while clicking the Go menu, and Library will appear there.
You can go into the Keyboard system preference pane and set a keyboard shortcut to access it in the future - I use command-option-L
Once the user Library folder is visible (it's temporary) in the Finder, you can use View>Customize Toolbar… and drag the Library icon into your toolbar. You can also drag the icon into the sidebar. All of these will give you permanent easy access to it in the future.
Finally, I'm sure someone with a good understanding of Unix will figure out a Terminal command to make the icon permanently visible again. In the meantime, Apple should add a Finder preference to do this - the default can be "invisible" but users should be able to make it visible.
Just use your imagination, thanks to the flexibility of the O/S, there are often many ways to do what at first look like problems.