Over the past decades, the enormous rise in the cost of education at the k-12 levels and in colleges has been due to the enormous increase in administrative staff and the increase in their salaries and compensation. These administrative increases are almost certainly due to the increase in federal regulations. The number and pay of teachers and of faculty have not increased greatly. And the achievement of students has not significantly increased. Powerline has an excellent set of graphs to illustrate the matter.
Conclusion: Get the federal government out of education altogether. Then, cut education funding severely, reducing administration and administrative salaries, and educational output and quality will not significantly be harmed. It is even possible that quality will improve, as teachers, students, and parents innovate ways to meet educational needs. Federal fundng for education is another example of welfare that is counter-productive.