My solution would be to keep the education free, but train only the amount of people your country needs trained(this applies to higher, university level education) and not too much over that. Thus, you can pick the ones who are most capable of working in that field for training. This way you wouldn't waste smart minds and wouldn't have overtly large amount of people with degrees running around. Also, you'd be able to improve the quality of education when there are less people to educate.