In a sense isn't that exactly what OP is saying is happening today? Only the super wealthy actually pay the sticker price on college, everyone else is subsidize

In a sense isn't that exactly what OP is saying is happening today? Only the super wealthy actually pay the sticker price on college, everyone else is subsidized by some combination of taxpayer-funded grants, scholarships (usually provided by the super wealthy), or just straight-up discounts (covered by the wealthy students paying full price).