This seems to be based on some misinformation. Tuition only covers a small portion of a university's costs. The rest is made up by endowments, grants, donations

This seems to be based on some misinformation. Tuition only covers a small portion of a university's costs. The rest is made up by endowments, grants, donations, and other sources. People have been going to college in this country for a long time and only relatively recently has the outstanding amount of loans and those in delinquency have shot up. I have a hard time believing the reason is having good professors and air conditioning.