It’s a catch-22. Colleges borrow in order to fund building repairs and modernize their facilities so they can attract out-of-state and international students who can afford steep tuition costs. Of course, the cycle of debt spirals, as it creates more need for out-of-state students while plunging schools further into fiscal crisis. Over the past two decades, in-state tuition at public universities has increased by 211 percent, faster than private university tuition and vastly outpacing inflation.
