> many failing to grow their student bodies in tandem with the growth of the US population

this is mostly true of elite schools (who nowadays are mostly selling a brand more than an education), not so much of state schools

Ironically, many elite universities are actually either free or nearly free, for lower-income students. The super-rich probably don't care. While we middle-class families don't qualify for need-based aid, and are on the hook to pay outrageous sums, largely to subsidize the aid for others.