Another problem is how the money is allocated. State schools' budgets used to be mostly general funds, but now they're overwhelmingly non-general. Even if they

Another problem is how the money is allocated. State schools' budgets used to be mostly general funds, but now they're overwhelmingly non-general. Even if they're getting the same amount of money, that money is already earmarked. If it doesn't cover all their expenses, they need to figure out how to monetize their assets to make up the difference. Universities have gotten much better at finance out of necessity.