I agree with both of those but I think there's another that deserves to be touched on. The amount of money invested as a whole into student life and activities, I'd imagine, has exploded. There's been a big growth in entertainment and things to do, which of course costs a lot of money. I know the colleges in my area have greatly expanded their centers for campus life, clubs, and on and off campus activities sponsored by the colleges. There are multiple "college towns" that have been constructed or are under construction in recent memory, for instance. The two things you've mentioned, and these are all about the quality of life being provided by the college to the student.The interesting thing is that most of the schools that were reasonably priced prior to to the bubble are scared as fuck about how much they've sunk into ridonkulous dorms and stupendously expensive athletic programs.
Oh, trust me - I built a whole bunch of those cream puff facilities. It happened because the student loan money started flowing ultra-freely as soon as it became impossible to forgive. The golden era was 2000-2007. Then it all clamped down. Some of the shit I designed back when I still did design remains unbuilt 'cuz the budgets straight up went away.