Higher Education needs a huge cut

Sorry, I know this post won't make a lot of people happy, I ran my initial thoughts by a member of the Higher Education Commission and it didn't seem too famous. How dare one question the cost of Higher Education these days, it's just widely known that it goes up at an rate about twice as much as inflation every year right?

Question - what is it about higher education that costs so much money?

I'm going to run through some "guesses" since I'm no expert, feel free to dig in and tell me where my guesses are wrong:

Cost of an annual education at Wabash $40,000
Cost of an annual education at Indiana University $20,000

Now, I'll stop here first, can one assume this means that the state is delivering education more efficiently ... or that we the taxpayers are picking up another $20,000 to send each instate student to school? I'm thinking it's the latter. So is educating an undergrad really costing us $40,000 per student in Indiana?

Rent for small apartment $500 per month, 8 months $4,000.00
Cost of 250 days of food 3 meals per day $5 per meal $3,750.00
I guess I could make a case that room and board and this astronomical level of rent payment would equate to $7,750.00 for a year. I'm thinking this is astronomically high.

Avg #students in a class - 40
Avg teacher pay - $100,000 including benefits
Number of classes in a year (2 semesters) 12
Number of classes taught by a teacher - 3
Number of students per $100,000 administrator - 100
Number of students per $40,000 support staff - 50
Cost of building - assuming 6 classrooms, library, student union, some greenspace
... This is the toughest to guess but probably

So, on a bunch of rough guesses looks like well paid teacher should cost about $833.33 per class or $10,000 per year. Rough guesses on Admin would be $2,000 per student per year and now I'm way out there with another $1,000 per student per year for buildings.

All told, I'm finding less than $20,000 a year in real expenses and I think we're charging more than that and asking the state government for another $20,000 per student. Go ahead tell me all my guesses are wrong, I'd love to debate this one.