ie, why are the gaps between term time so huge?

Would it not be beneficial and more affordable for the summer break to be lessened, so that there is less rent to pay, etc. Or is it more beneficial to the student to have a couple of months to earn a bit of cash during the summer break?

I've got no bias either way, but I think if I was a student, I'd rather get the course over more quickly and cheaply, than drag it out with months of pointless holidays.