> Tuition is massively overpriced because you’re paying for schools to squander money on fancy new buildings and frivolous athletic programs.

That doesn’t have much to do with it.

Tuition is inflated because of the government’s half-assed involvement - they use their power to make sure that pretty much everyone can get loans for education, and they underwrite those loans, but they don’t use their power to actually invest in education or to implement any sort of price control.

Imagine you have something for sale. You know that everyone wants / needs what you’re offering. You also know that it’s pretty much guaranteed that everyone will be able to finance what you’re offering, and you know that money is guaranteed and that whatever happens after will have no impact on your bottom line. You’ll charge whatever the hell you want.