What's happening is a bubble, it's as simple as that. Looking at the costs of school now, I'm glad that I'm almost out of it. Yes, I'll have loans to pay for years but I also got a job to pay them off, thankfully.
Some aren't nearly as lucky as I was, though, and they're moving back in with their parents if they can.
Imagine the fun we're going to have when that bubble bursts, though, and people stop going to college because the cost is so unsustainable. Some will get a better education by actually learning more, others will be in a much worse spot. Even for those who have the money, it's not worth it.
Would you pay for 4 years at a school that's going to cost you 50% or more as much per year as you're going to make when you get out of it? Probably not.