You might as well just send the money to the universities directly. The universities don't take the extra money and hire more professors to fill the supply they

You might as well just send the money to the universities directly. The universities don't take the extra money and hire more professors to fill the supply they divert the money to non-education activities. College isn't even about education anyway it's some weird social signaling game where the more people with a badge(diploma) the less the value of the badge.