Why universities are phasing out luxury dorms

Construction cranes became ubiquitous on campuses, and often the most high-profile projects involved student amenities — rock-climbing walls in recreation centers, swanky student unions with first-rate food services, and luxury “residence halls” with private bathrooms — usually financed by borrowing. Between 2001 and 2012, the amount of debt taken on by colleges rose 88 percent, to $307 billion.