In real terms, tuition fees in public universities peaked in the early 2010s. They have not kept up with inflation since then. That explains a large part of the fiscal disaster.

Can you source this? My cursory research shows the opposite[1]. Imo, the fiscal disaster is in part due to enrollment declining (which, ironically enough, mainly affects low-income households).

[1] https://myelearningworld.com/cost-of-college-vs-inflation/