I’m passing on what I found on Wonk Wire with only one addition:
My recommendation to read the entirety of the linked article.
Matthew Yglesias: “There’s a widespread belief in the United States right now that American higher education is in some sense badly broken… But normally when you see a badly mismanaged sector with bloated costs, what you see is that it becomes uncompetitive on the international stage… It’s logistically difficult to export higher education services. But America manages to do it!… The point is that whatever it is exactly that American colleges are selling, if it’s as bloated and overpriced as people say it should be impossible to export. Yet it’s not. People are clamoring for more.”