The only power any government has is the power to crack down on criminals. Well, when there aren't enough criminals, one makes them. One declares so many things to be a crime that it becomes impossible for men to live without breaking laws.
Government is force, pure and simple. There's no way to sugar-coat that. And because government is force, it will attract the worst elements of society - people who want to use government to avoid having to earn their living and to avoid having to persuade others to accept their ideas voluntarily.
Everything we know about human nature and about government tells us that individuals using their own money will achieve far more good for themselves and far more for others than politicians spending money they didn't have to work to earn.
I think, my own personal view is there should be higher and higher levels of autonomy; government should not interfere in setting up colleges, in running colleges. The market, the society will decide which is a good university, which is not a good university, rather than government mandating.