Consider the contraposition.
• Poor people live shorter, unhealthier lives.
• Without a college degree, your employment options are diminished.
It's fine to trash "handing out money" or "pushing more people through college" but then what is left is: there's nothing we can do for poor people.
You have better employment options only if there are not enough people with degrees. If you give everybody the option of obtaining a degree then nobody is better off. In fact those at the bottom of the barrel end up in an even worse position.
Of course there is. You can just hire them and train them. Most positions don't require college degrees. Everything you need to know for most jobs you learned in high school. At most you need a certificate program of some kind.
Make money not a consideration in applying for college? Not by handing out whatever the universities are asking for of course, but by giving them a fixed $X per student.