a) What did the college promise?
b) Did the college deliver it?
Since there's unlikely a formal contract involved, they'll have to make a case with the public marketing and value prop which includes peers, access to professors, dorm life, state of the art labs, extracurriculars, a beautiful campus, alumni network, job fairs, etc.
Most of these colleges have spent years devaluing the content itself by putting it online for free and now that's one of the few things they're still offering.. for the small price of $X0,000/year.