The bubble - as some like to call it - in education comes from declining government support per student. At least at state institutions. We are now in a system where people take out large loans for the hope of attaining a higher paying job. When you lose this lottery you pay real big. There are long term negative consequences to this.

As long as society at large is unwilling to properly fund education then we'll all lose in the long run. The 'ever person for themself' makes us all losers in the long run.