Rich Vedder presents some strong evidence about the popping (or at least, deflating) of the college bubble in this essay.

After you’ve read the essay, read the comment posted, some of which I copy here:

The bubble popped at my mid-sized public university in Illinois several years ago. In spring 2007, FTE campus enrollment was 9800. This spring, it’s below 7800. A major part of the problem is cost. In 2002, the cost to attend here (tuition, fees, room, board) was $9900. This year, it’s $21,000. The administration has been honest about one thing: We kept raising tuition at ridiculous rates because many students had the cost covered by government grants and state funding. Now, funding is being reduced, and students are having to pay more of the cost out of their own pockets. Guess what? More and more people can’t afford it! The impact is obvious – retiring faculty are not being replaced, three major dorms have closed since 2007, some dining halls have closed or have reduced service and hours, area rental properties that used to be filled are now sitting vacant, and there’s a widespread sense of despair among the faculty and staff.