I think the reason many students put up with increased costs is because they have access to subsidized loans, mainly from the government. The Consumer Financial Protection Bureau estimates that out of the $1.2 trillion in debt, $1 trillion are estimated to be guaranteed or held by the federal government [0]

I may be in the minority opinion, but I think college is still pretty affordable.

> In 2014-15, average published tuition and fee prices for in-state students at public four-year institutions range from $4,646 in Wyoming and $6,138 in Alaska to $14,419 in Vermont and $14,712 in New Hampshire. [1]

CUNY for instance is $6,030 a year [2]

The tuition is higher than it has been in the past but attending college is a lot more profitable as well. I know the state school I had attended has raised tuition over the years, but I can't help but look around and think that all the money went into a new stadium ($33 MM), new athletic gym and new (very impressive) dorms.

The average student attending an expensive for-profit (less credible) college isn't the same person as someone attending a good state school. A lot of time these colleges attract more marginal students. The payoff for most colleges is still very high and worth the cost. But there should be some cost as to discourage less productive ventures and to have some skin in the game for the student.

[0] http://www.consumerfinance.gov/newsroom/student-debt-swells-... [1] http://trends.collegeboard.org/college-pricing/figures-table... [2] http://www.cuny.edu/admissions/tuition-fees.html