The worst of it is that the students spend four years in school but are in many cases still unprepared for work in the real world.
Another issue issue the amount of money spent on sports. How much do coaches make and how much is spent on nice stadiums? It's a big business that supposedly brings money TO the school, but in one study that I read actually gets covered in part by students' tuition. In other words, students pay not for their own education but also to cover costs of having sports programs.
I personally feel bad for all the kids who finish school with a debt burden and cannot just be free to gain a little life experience before stepping out into the bigger world.