[rhino369]

Since 1980, the number of colleges has gone from roughly 2000 to roughly 3000. That doesn't account for increases in class size.

The demand is still very strong. The millennial generation was told, go to college or you'll have to flip burgers your whole life.

One huge problem is college demand is fairly inelastic. Another is that colleges are mostly non-profit institutions who aren't out for institutional profits. Instead they compete for prestige. If they spend a bunch of money on useless shit, USNEWs will rank them higher.

Students and parents aren't urged to consider price. In fact they are encouraged to ignore price. Just get in first! then worry about "financial aid." Which is mostly just loans at this point.