Higher education is subsidized in many countries to help poorer students and because it's believed to have positive effects on society. However, there isn't much evidence to support these positive effects. In fact, there may be negative effects that are being ignored. If these negative effects are considered, it might make more sense to limit higher education rather than subsidize it. Current subsidy systems in the US, Australia, and Germany have flaws, even if positive effects are assumed. The Australian system of income-based loans is the best of the three, but still needs improvement.