Common sense is often wrong. I haven't found any reliable source yet that even mentions the availability government loans as being a driving factor. Based on the limited research I've done over the last few minutes, the main drivers appear to be:

1. A large increase in demand for College. I could imagine this may be, in part, due to more accessible student loans. But it appears that many factors have come into play, and the main one is the perception that you cannot get a liveable wage in this country without a college degree.

2. Less funding from state governments

3. Increased spending in administration and student services unrelated to education.

Here are the sources I've read through so far. https://www.bankrate.com/loans/student-loans/why-is-college-... https://manhattan.institute/article/a-new-approach-for-curbi...