We should reduce college costs or make it free. General public becomes more intelligent. America becomes competitive and in turn you wont have to fly in talent from countries that have free college.
Now, that said the only objection I hear about reducing college costs or making it outright free is this: "Shut up!"
So theres that...
Increasing the level of subsidy available to four-year degree-granting institutions would be a wildly regressive step. The student population at such institutions is disproportionately affluent, and was disproportionately affluent back when college tuition was cheaper. ...
The second big problem, however, is that if the level of subsidy were increased enough to eliminate tuition, the faculty and administrators of public universities would still thirst for more money.
The third and most fundamental problem is simply that it's hardly as if the university sector is the only branch of education that might plausibly want more money.