If there wasn't so much student-loan money available, would there be more incentives for some colleges to reduce their costs and make their product more afforda

If there wasn't so much student-loan money available, would there be more incentives for some colleges to reduce their costs and make their product more affordable. Right now, colleges provide the service (education) and credential (degree). If independent third parties could provide believable credentials, there would be more incentives to find cheaper ways of delivering the services.