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I am with you, beleive it or not, and I am one to defend the liberal side of issues often.
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Believe it or not, you are as far away from me on this one as I can think. Why on earth would I have the government fund education. That is just another way to screw taxpayers.
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Poor people can't afford to go $100K+ in the hole. The reality is if poor people weren't given financial aid for college, then they would go to a junior college or not go to college at all. The cycle would further reinforce itself -- the poor would get poorer and the rich would get richer. If you're a Die Hard Republican, you love that stuff I know.
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First off, under my plan that aid would go to lower the cost for EVERYONE, so they wouldn't exactly be paying the full price. Second, If I told every poor person who is in college right now that financial aid was ending and that the cost was $100K to attend, almost all of them would still do it because the benefits far outweigh the costs. Thirdly, rich people wouldn't pay a 100K to go to college unless the benefits far outweighed the costs, so to say poor people wouldn't go to college is rediculous. The only way you can win this one is if you say poor people(who want to get ahead in life) are to stupid to realize the importance of finishing college and the benefits it will give you.
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The Ive League schools have a "need blind admissions" policy. That is, they base the selection only on one's academic/extracurricular achievements. If and when one is admitted, then they look at the family's finances to determine need.
The good news is that these top schools, due to their large endowments, are now giving grants only (not loans) AND increased the income levels of fiancial aid recipents. In short, even families with 6 figure incomes get financial aid (all grants, no loans).
If I were to do it again, I would shoot for the moon and apply to the top tier schools, as well as a bunch of "safety" schools.
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When i say top school, I don't just mean IVY. What I am saying applies to almost all the schools out there.
On a totally different note: Even if you were a millionaire, I wouldn't want you to get penalized by a higher college cost at the reward of another students financial aid package.