I agree that only highly usable majors and functions should be provided loans or incentives. A few other things too:\
-Forget diversity. A university is a place of learning, and SCHOLARSHIPS should be provided based upon scholarly capability, nothing else. Universities should be blind to anything but scholarly capability and ability to meet their key metric, which is impactful research, via the selection of the most capable students, not what quotas they need to fill.
-Kill title IX. In fact, kill all scholarships and most sports to a club status. If the kids love the sports so much they will do it without a monetary incentive. Sports that bring money in through donors or sales of stuff can stay, ones that are subsidized (many womens sports are just thrown money to create equal budgets to mens sports, yet they do not perform or bring in sales of tickets or memorabilia) should be taken to club status with no appreciable money coming from the school.
-Stop university growth conquests. These "non profit" entities keep jacking costs up and running like businesses in need of profit, which they then roll back up into buildings, brick sidewalks and other things that are not necessary in any way. Donors and true need-based justification for reasonable accommodations should be the mode of operation.
College should be a time to find one's self, determine a path for the future, build a strong group of friends, learn high level skills, etc. None of these need fancy dorms, excessive dining halls, brick sidewalks, ridiculous scholarships, or the excessive cost. Some schools will be better than others, and will drive some peoples' ability to excel. Other majors cannot be handled first with CC beyond maybe a few classes. The majors that pay usually are the ones that need you to be there for the better part of four years, but are also the ones that set you up for a lifetime of earning. A biology or psychology-type major doesn't do any of that...