My thought for some time has been to offer tax incentives for industry to fund scholarships in fields they wish to recruit. That way the students have no debt, industry has the trained professionals that they need to compete, Universities will turn out trained professionals rather than commie agitators, and the government is less directly involved in the education process.
You mean a free-market value-added approach where everybody involved benefits? Sounds like a fine idea.
If someone wanted to get a Masters in Cajun Victimology Studies they could still pay for it themselves, though.