It is the perfect business model, from the institutions perspective, virtually zero financial risk. I'm envious......
We hold private sector companies accountable for their mediocrity, or failures, through financial compensation or shunning their product or service. Perhaps the schools should have to underwrite student loans with the risk of default held by those institutions. That would be a real incentive to perform and provide a cost effective education.
If you work hard and have a skill set to match success and wealth is yours for the taking