ACTA has published a guide advocating that college and university leaders do the latter.

As Prof. Robert Martin observed in this Pope Center paper, higher-ed officials have traditionally raised more money (from tuition, donors, and other sources) rather than cutting costs for the simple reason that cutting costs is so hard. It arouses opposition. It makes you unpopular. But that was in the good old days, when money was easy and just about everyone bought the notion that college is a great investment. Today, things are different, and with some help, college officials might just get serious about providing more education for less money.