Well, prior to 1998, in the UK, university (college) was free in the UK. Funding came from the tax payer.
I can't think of too many benefits from having an uneducated populace. And in my life time, a college education has been considered essential for my jobs/roles.
But then, like everything, it has become corrupted by greed. For example, the "success" of a college is often measured on how many students graduate with a degree, which appears to have the net effect of lowering standards in order to keep the marketing looking good.
Also, costs are now largely too high, and we've lost any sight of joined up thinking - what are we educating people for? When it's on the public dime, I think we should be helping to build a greater future, ensuring people have the skills to be successful in the society they'll function in. When it's paid for privately - well, I guess if you want to study flower arranging, then knock yourself out. So, when I was a lad, there was a new emphasis on Computer Science (as it was called then). This helped people get ready for the world we live in.
One problem today is that there seems to be a demand that a college education should guarantee employment. That seems to be regardless of the subject studied. It seems to only be dawning on people now that things don't work that way. Also, student loans are handed out too easily to 18 year olds, at obscene interest rates, that shackle them for decades.