I think the economic model for the cost of a college education is more complicated than that. For example, it is possible that expanded opportunities for loans and grants have provided universities with the opportunity to increase rates. If the sticker price before loans does not change, the demand for a college education is unlikely to change.

There is also the question of quality of added students to the university system. On an individual basis it often makes sense to obtain a university degree -- but is it on the whole? Well that depends how much of the value of a college education is transformataive (giving you the ability to do stuff you otherwise couldn't) and how much of it is a market signal that you are a quality potential employee. Ideally we would maximize spending that is transformative and minimize spending that is sorting.

Is that $62 per student per semester funding sorting? Some majors are in high demand and do require advanced mathematics and science skill sets. Students in these majors often find good jobs right out of college -- but as a percent of the total student body size, the number of these students are relatively small. In fact, we charge the same cost per credit hour for an engineering major as we do for a psychology major despite there being an over-abundance of psychology majors, low pay for graduates working in the field, and a very low placement of graduates into jobs where a psychology major is essential. Pell grans, loan amounts, and terms of loans are identical for those two majors. But most of the time a psychology degree ends-up being pure signal to employers that you can graduate from a university.

If you are a university student, that $62 added cost is unpleasant, but it will most likely be offset by grants and the sting of the cost will be diluted/deferred by loans. That said, you don't like the added cost. But if we look at the aggregate, if it helps discourage signal-only students. Ideally this would aid universities in setting up mechanisms that provide differentiated costs, grants, and loans for students in high-demand transformative majors. The state could better facilitate this process by making reforms coincide with funding cuts but I am unsure that there is currently the political will to accomplish this.