Flutterby™! : Government funding colleges

New York Times: The Real Reason College Costs So Much:

In fact, public investment in higher education in America is vastly larger today, in inflation-adjusted dollars, than it was during the supposed golden age of public funding in the 1960s. Such spending has increased at a much faster rate than government spending in general. For example, the military’s budget is about 1.8 times higher today than it was in 1960, while legislative appropriations to higher education are more than 10 times higher.

Yeah, it's being spent on administration, and it's not due to a lack of government funding.