As the economy de-industrializes (in other words, collapses), people see bureaucrats of all types as the only ones with any real security. Since credentials are the key to bureaucratic employment, the price of credentials skyrockets.
7-10% of the population, AT MOST, are capable of baccalaureate work. Less than 50% (probably less than 30%) are capable of 11th and 12th grade work. The majority of children should leave school after 8th grade, any money spent on their education after that is money wasted.
Those are the facts. "Education" is indeed a bubble, a massive one, and it's certain to collapse.
When and how? Those are the questions.
It may not be evident right now, but homeschooling is the wave of the future. It'll be the only way parents can protect their kids from the massive moral decline. If you think the government schools are bad now (homo sex for kindergartners?), imagine how bad they'll be ten years from now.