The main reason that they surprising didn't talk about is cuts from the states. After state pulled out the support by imposing cuts in budgets over and over, the burden has gradually moved onto consumers. Here's some cost analysis:

Cost of tution/student/mo = 6hr * 5day * 4 weeks * $50/hr / 20 students = $300

Cost of facilities/student/mo = $600

Cost of room and board/student/mo = $600

So at minimum student will need to bear $18000/yr cost. If college is only receiving fraction of this then it will bankrupt.