It's true that master's degree programs and professional degrees help subsidize undergraduate degrees, and that's a good thing for several reasons. First, it brings in hundreds of thousands of dollars to local communities to help educate Americans. Second, it creates lasting bonds between America and the peoples of foreign nations; either the students learn and stay here to create value in America, or they go back home and bring with them American values and (hopefully if the program did their job right) a good view of Americans and America. If the only things we export are bombs and war, that reflects poorly on us as a country. Third, it means that when the world's top talent aspires to come to America rather than some other country for their education. Fourth, their presence in a local community creates demand for services and goods, and the fact there is constant churn creates enough sustained demand to support local economies in remote areas.

Really I don't see many downsides unless you're leaning heavily on the idea immigration is a bad thing for America.

> And these degrees are often glorified immigration programs.

I think you'll need to support that statement with a better argument.