There was the same argument in the late 80s when I graduated because tuition was rising faster than inflation. Using the information that my economics classes had taught me I said it's couldn't happen. If tuition reached a point where people could not afford it then it would stop going up as universities are businesses as well and they have to maximize revenue.

The part I didn't factor in was the government doing the same thing they did to cause the housing crash in 2008. Pushing huge amounts of cheap money into the system and creating a market where people who were not making rational decisions into it. Like people borrowing $60k a year for a degree that does not make them qualified to do anything but go back to school, the money in the housing market allowed people making $50k a year to buy $600k houses because for 5 years they could afford it. Rational consumers laughed and said no, those that bought based on today's payments jumped in and then we're shocked when their liberal arts degree couldn't get them a job or their balloon payment came due and they were on the street..... But in both cases the same people that got them into the mess... The feds... Stepped in to bail them out through forgiveness programs that screwed those of us that did study economics.