Could be the access to information that the internet brought on. People were able to see data and information much quicker. Perhaps this led to submitting information quicker and having less barriers between someone applying for a loan and getting the loan. This then led to money grabs by every institution and the risks were small since there was always federal backed money available.

Grow bigger, spend more, push the lie that everyone needs to go to college...admissions go up, quality goes down...but they get more money than ever.