It's more a wealth transfer mechanism from younger people to take out loans to fund these inefficiences. And those loans are gauranteed against a person's lifet

It's more a wealth transfer mechanism from younger people to take out loans to fund these inefficiences. And those loans are gauranteed against a person's lifetime earnings since they cannot be removed via bankruptcy. Remove the financial incentives for inefficient work and you will get 10,000 ways to make universities more efficient.