The "outrage" you describe is misdirected. This outrage should have motivated parents to stop playing the stupid game of pushing their kids into ridiculously expensive schools where the education was no better than what they'd get at a second-tier or even third-tier school.
What you're describing isn't the outrage of people who really have a legitimate complaint. It's the outrage of people who have been conned for a long time and still haven't figured it out.
I agree that the students I refer to were better off with scholarships to the schools they went to than they would’ve been with loans to somewhere else. The problem is that those elite diplomas can lead to unfair advantages for those who are handed them. A very good outcome of this would be that those diplomas from the “elite” schools are irrelevant and maybe even a disadvantage. The exception is, of course, the upper tier Engineering Schools. But you don’t hear of anyone cheating to get into MIT.