With the Teacher's Unions what they are today, the cost-per-student ANNUALLY for a High School Diploma is approaching $10,000. I doubt that State-Funded Colleges/Universities can get to that level as their "faculty" has un-limited raises/benefits/retirements on the Public Payroll (as in ALL government jobs today).
So long as the "Gubmint" is doling out taxdollars-for-votes, you will see overpaid/under-producing public employees.