Should not higher education be a joint venture?

We hear about kids who pursuing a better future have invested their time and money in order to study, frequently taking on debt, only to find themselves left alone holding the short stick. In the pursuit of better aligned incentives should higher education providers share more in the risks of the future instead of collecting all their dues, cash upfront, as they do now? What would you say if a student would sue his Alma Mater for failing to deliver upon the services promised?