My experience of expectations of college in the 90's - can I drink? Do the faculty let me miss if I need to?
My experience of expectations of college now - is my child safe? Can s/he access appropriate supports to ensure his/her success? What can s/he do on campus that ensures his/her safety and security and is free? Who can s/he talk to 24 hours a day for any reason? What connections to industry do you have for him/her? Do you have co-curricular and curricular experiences ensuring that s/he learns about life skills that s/he doesn't have? Is there a gym? Are there activities available 24/7 based on his/her schedule? Is the technology in the classroom accessible for my student? Are the buildings new?
Edit: My source is my decades of working in higher education. Like it or not, the expectations placed on colleges/universities are much, much higher today. All of that costs money. Every single part of it.