I think that was about the price of college, when I graduated about 30 years ago.
Colleges do not need football teams. Colleges do not need grad buildings that win awards for their looks. College spend so much money to be “competitive” in the eyes of their students it is just crazy.
I just sent two kids to college this year—one to a small school with a world wide reputation. They are pretty mundane with their spending. The other is a decent small school with a world wide reputation in one degree. They spend millions promoting their OTHER majors to fill the dorms.
It is so wasteful. Focus on what you do well, and leave the rest out.
Good old common sense, always wins.