It's nice to be against something, but incomplete to uselessness if you are leaving out your alternative suggestion(s). They will always be dependent on someone.

If you were to go the most direct route, you might want to let the actual "customers", the students, pay for it all, delayed until they have a job of course?

A different version of student loans, it's the university itself that lets them study for free to collect later. I have no idea how that would turn out, I'm sure there would be so many different cases, impossible for me to tell what this would mean and look like.

The biggest problem I can see right away is that it's probably going to increase inequality between institutions. Ever more sorting of the rich and the poor into different places, with huge disparity of funding. So, probably a terrible idea unless the goal is dystopia.

Which leads me back to my question: What is your alternative? I think the government is better than pretty much all others. Private donors are quite problematic to rely on, and you only get the 1% to have even more power over education.