The rising cost of tuition is a serious problem. Like the bubble that plagued the housing market, the bubble in the student loan market is one driven by government intervention in lending. The private market would not loan money to law students who incur $150,000 of debt and have no ability to pay their loans on a minimum wage job.
Demand for lawyers is nonexistent. Still, the government continues to fund the educations of future lawyers who will be underemployed and in debt for a lifetime while their professors and deans thrive.
If you want to reform higher education, make tuition affordable, and solve the problems of the job market, remove the federal government from the lending process and these issues will be sorted by the forces of supply and demand. Econ: 101