These issues faced by universities are in no particular order.
Prestige: Rankings have become the be-all, end-all for a majority of universities in the U.S. The top 50 schools in the U.S. are constantly switching spots, as their rankings vary from year to year. These universities find small ways to influence their rankings, such as attracting more applications to the school (this is a factor that influences rankings, and is often why you see emails from colleges asking you to apply) while accepting the same number of students, in order to climb up the ladder and convince teens to invest their time and money in the college. Schools that stay in the lower ranks invest in more superficial things, such as recreation complexes, food, or sports teams, in order to attract potential students for reasons other than academics. Community colleges, which often provide affordable and valuable programs, are shunned in general society, placing a price on knowledge.
Problems of Knowledge:
Emotion - The construction of these extravagant facilities is to ensure the well-being and enjoyment of the "college experience" by the students. However, does this help or hinder a student's ability to learn? Do all the distractions on campus detract from the reason why people study there (this applies especially to "party schools")? In addition, many people become the value of their school, if a smart person with a good work ethic goes to a community college for any number of reasons, does this take away from their good characteristics as a whole?
Cost: The increasing cost of college has put a burden on both students and parents. Students in the U.S. are paying more than any other generation has had to do so in the past. As people in student debt begin to default on their loans and a market bubble forms around universities, it becomes more and more obvious that this is not a sustainable system.
Problems of Knowledge:
Ethics - The price tag on tuition creates a divide between the value of knowledge and the costs associated with living on a college campus. Is it right to put a price on knowledge? Is knowledge quantifiable? If so, is the cost of going to university a good measurement?
Value: With growing concern over the cost of college and a university's resources, the question of whether or not a college education is useful begins to appear more and more. If a college is unable to provide sustainable, appropriate employment to its graduates, is it really worth all the money and time? If a student majors in an impracticable discipline, such as philosophy, is it on the university's shoulders to be honest with the student about their choices, or is it solely the student's responsibility to major in something practical, rather than something they are passionate about?
Problems of Knowledge:
Language - Is it time for universities to be honest and tell students that college is not a place to"follow your dreams" if it is not practical? Should colleges be honest about how they can approach job placement in their advertising?