Federally guaranteed student loans exceed $120 billion every year. That is a massive subsidy, and it may be increasing costs for more people than it helps. The glut of admissions being able to pay artifically high tuitions is emboldening administrators to add more dormitories every year, expand the administrative class, and build rec centers -- raising tuition even further.

> Last year, FSA provided more than $120 billion in federal grants, loans, and work-study funds to approximately 13 million students at nearly 6,000 participating schools.

https://www2.ed.gov/about/reports/annual/2017report/fsa-repo...