An excellent question. It was apparently the focus of a panel at the National Lawyers Convention.

Paul Caron of the TaxProfBlog reported.

Federalist Society Panel: Is Higher Education Run for the Benefit of Students, Faculty or Administrators?

At today’s 2014 National Lawyers Convention: Millennials, Equity and the Rule of Law:

Showcase Panel III:  Higher Education: Run for the Benefit of Students or Faculty or Administrators?:

Success in today’s global economy virtually requires a college or post graduate degree, but colleges and law schools have raised tuition enormously. The government subsidizes students to take huge loans to pay for college and law schools, loans which inflict an increasing burden on students, including law students in a troubled economy. Do these loans pay as much for faculty research and administrators as for direct student education? Are faculties producing research that justifies these costs? Are students getting a good deal now? Could or will on line education provide students with similar education at a fraction of the cost? Is it time to ask some hard questions about higher education? Does education policy benefit average and below average students or does it merely benefit the top of the class? This panel will focus to a significant degree on law schools.