It's hard to go to college and be able to pay your way through. The government needs to find a way to make it more affordable like they tried to do with healthcare. I'm afraid if they don't then only the rich will be able to afford a higher education and that will not lead to a prosperous society and will spell doom for the economy.
With subsidies, universities and colleges can devote more resources to research. Increased research funding increases the chances of breakthrough discoveries which in turn allow the US to stay competitive. Increased the amount of subsidies can only benefit the US economy in the long run so the government should allocate enough funds for subsidies every year.
The larger a population is, the better it is for a majority to have a proper education. The few should not be the only ones that are successful. By increasing subsidies for higher education, all kinds of people will have the opportunity to expand their knowledge and increase the likelihood of creating and discovering great things that will reflect on us as a nation.
In modern times, the point of college is essentially to get a degree so you can get a good job and make money. Therefore, people who want to go to college generally don't have money of their own yet. They either have to take student loans, financial aid or scholarships, or have their parents pay for it. Not everyone has wealthy parents, so the current system favors people who happen to have wealthier parents, which is unfair. If college were free for everyone, or at least those from low-income households, the playing field would be more level.