Causation goes the other way: Reagan's prioritization of tax cuts over public education led to tuition increases, which lead to an increased demand for loans to pay the higher tuition.

It doesn't--this is one of those times where the statement makes zero sense, but it was fun to bash Reagan. No, the whole story of runaway costs can be explained quite easily by the financialization of higher ed--the liberal student loan policies championed during the Clinton Administration tied to the typical greed of Wall Street bankers, enabled by the bleeding heart "everyone should go to college" drama.

Everyone got paid, except the sheep who got sheared.