why the cost of college has skyrocketed in the past 20-30 years.
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Because college has become more and more price inelastic due to additional student loans and scholarships available.
What does that mean? Well, because over the past couple of decades it has become easier and easier for students to fund their college education—because of public initiatives increase federal student loans, additional scholarships, more prioritization of college educations—colleges can now raise their prices and earn more in additional costs than they lose in missed out revenue. They can raise prices and it not hurt their bottom line because students are able to pay whatever price they must.
This is why student aid fails, it makes paying for college easier and therefor actually increases costs of college. Same goes for any market where politicians are quick to find remedies and solutions to the costs. Healthcare is expensive because of insurance and medicaid. Houses are expensive because of mortgages. The list goes on.
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