100 years ago universal education ended between 12 and 14 years old and only the rich or the brilliant went on to further education. Now we are heading to a situation where further education is seen as the minimum universal education. (Something like 50 % of students are expected to attend college)
this effectively reduces most colleges and courses to an extended High School, with the expected ROI of the same.
whereas as a society we want to have only the most brilliant and motivated working on pushing out boundaries of knowledge - basically please invent the future for us.
and this will lead to two tier colleges - one that act as schools and one that act as universities.
we cannot allow the universities to be contaminated by rich idiots, or pushing research out with floods of high schoolers
so ... we should look to soviet Russia - who simply took the best minds and put them in college. publically funded, strict entrance criteria.
everyone else - publically funded colleges that manage to push the ROI down to zero.