Yes governments should subsidize college. Taxpayer subsidies that cover the operating costs of most colleges and universities ranges from around $8,000 to more than $100,000 for each bachelor’s degree awarded, with most public institutions averaging more than $60,000 per degree (air.org). This is a huge amount of money for a student who has to devote a large amount their time to studying or going to school and doesn't have the chance to make all of that money. The taxpayers however have jobs and can afford to give money to their future employees or coworkers.
No we should not subsidize college. Having this financial aid for students is increasing the college tuition. "As higher financial aid pushes costs higher, it inevitably puts upward pressure on tuition. Higher tuition, of course, reduces college affordability, leading to calls for more financial aid, setting the vicious cycle in motion all over again" (Andrew Gillen, CNN). Andrew Gillen explains this perfectly, the higher the financial aid allows colleges to present higher prices. These higher prices will lead to students not being able to get into college because of the prices and that calls for more financial aid. A vicious cycle that gives colleges more money and tax payers less.
We should not subsidize college. The rates colleges can charge because of the already existing subsidy is absurd. Thus it would be most effective if we returned to the old ways of capitalism and let the price sort out itself. If there were no subsidy then only the extremely rich would be capable of going to college, this is not enough to sustain most colleges and would cause them to raise their prices and only offer to the rich or lower their prices and allow the common and middle class to become educated.