For one thing, conservatives are very hostile toward higher education because they consider it a hotbed of marxist atheism. In fact, one of the founding books of the conservative movement, <God and Man at Yale> by William F. Buckley, focused on exactly this point.
Secondly, conservatives believe in making government as small as possible, so they have been shrinking tax support for universities. And when universities respond by becoming big businesses in partnerships with profit-making corporations and neglecting teaching, the conservatives think this is just fine.
In the meantime, countries we are competing with like China continue to support public education as a way of beating us in free market competition. Conservatives never seem to make the connection.