I have not seen data that supports this claim. At the least, there is a strong correlation between cuts in state support for public higher ed, and increases in tuition. In the 60's many states paid 100% of the cost, and tuition was free. Room and Board in college towns is also high, as part of the overall housing affordability issues. If unlimited education lending were a factor, we would see these increases in expenditures, but we don't. Costs are higher, but tuition increases are driven by changes in the revenue mix.

https://fivethirtyeight.com/features/fancy-dorms-arent-the-m...