We could easily restrain the cost increases - which has far exceeded the rate of fiat destruction - by changing wildly irresponsible Federal loan backing. It wouldn't take much to begin tipping the cost inflation backwards, we could roll it back gently and it'd make a big difference over time versus continuing the upward climb. We could flatten it and let inflation chew it up over time in real terms. We don't have any politicians that are intelligent (wise?) enough or brave enough to do it.
Most politicians are cowards. Good luck finding one willing to step in front of the higher education train (everyone must get a four year degree in their Cracker Jack box). Suddenly all the headlines would be that Joe Politician doesn't want little Johnny to go to college, Joe Politician is depriving our children of access to college, Joe Politician is stealing our children's futures! And so on. The triggered propaganda flood would instantly drown anyone that dared to go near it.
The US only has two primary political types on this topic: those that ignore the problem, not wanting to go near it for the political consequences; or those that are only capable of arguing in favor of a lot more spending as a solution (as though the US can afford that, especially when the problem is that costs are already far out of line with peers around the world).