I work in a startup where none of the programmers have been to college, and they seem to get along just fine.
I volunteer in a youth group that teaches "soft" sciences, and I am sure that groups like ours do a better job at that with a lot less funding.
Trade schools cater to the lower income, are much more effective dollar for dollar, and get a lot less federal funds. If that money were to be poured into trade schools instead of universities, it would help create a better middle class.
Why should Harvard be so entitled?
EDIT: IMO, The reason youth go to college is to have fun. The real reason the parents are willing to pay, is because their children will forge connections with other wealthy families that is worth the money. It may be good for the wealthy that the money stays in their circle, but IMO this is not something the Gov should subsidize.