Instapundit - authored by law professor Glenn Reynolds - has been on the case of the "higher education bubble". This article I found from that blog takes a look at student loans in-depth.
They especially take aim at the "for-profit" schools that you may see on TV commonly during the day when you watch those courtroom & talk TV programs. They spend a lot of money on advertisements and promote the fact that they help their students find jobs as well as help them finish school early.
That's not to say the non-profit schools will escape the wrath. One charge against them is that these mainstream universities can merely continue to raise tuition at will basically because they can. Also this article looks at the unwillingness of universities to hire PhD for tenured track positions.
Whatever conditions there are at universities around the nation, I do sincerely hope my alma mater, is taking a look at this situation. Let's hope dear old Morehouse isn't making the mistakes listed in that article.