They're currently funded many different ways: federal grants, federally subsidized loans, government (both state and federal) subsidized savings accounts, state

They're currently funded many different ways: federal grants, federally subsidized loans, government (both state and federal) subsidized savings accounts, state funds, various scholarship charities, loan forgiveness programs, endowments, etc. Seems like centralizing all that money and decision-making ability into the hands of the President and the U.S. Congress would be a net loss.