Higher education is an important aspect of living a full life with a living income. Education is starting to define the rich and the poor. The need for higher education is increasing with 85% of new jobs needing some form of higher education. That means there will be those who can and those who can't find meaningful work if we don't consider overhauling higher education.
We are sort of stuck in the past. We love large physical libraries, big sports teams, dormitories, and the total college experience. I miss those days as well but the world has changed. There will be a lot more people who need to update their skills and won't have the luxury of leaving their jobs or paying the big price tag.
A pretty good article came out on debt and the need for reform.