As a former academic professional (Librarian at a college) The high cost of college is based on the demands of students. 30 years ago there was no internet, no smoothy bar equipped fitness rooms, no pretty dorms and everything upscale. No pay increase for staff and I actually went through 3 years with no cost of living increases while the cost for college went up 15%.
Then the idea that Public Education in the US is a failure (Totally false narrative except in the cities and other low income communities). So people believe that private investment and legislation will fix things. This just has people coming in making and taking the money from teachers and the community and taking them else where.