One major reason is the college rankings which are based on how much the college price gouges and how many prospective students it rejects after stealing an app

One major reason is the college rankings which are based on how much the college price gouges and how many prospective students it rejects after stealing an application fee from them. Another one is the federal student loan program which makes it possible for students to borrow whatever the college wants to charge even if it is obvious they'll never be able to afford to repay it.