While this policy clearly has increased access for students, it has also resulted in a very large bad debts expense each year. Investigate contracting out some services. Some college services might be provided by external organizations at a lower cost. This would have to be weighed against the loss of control over quality. Increase tuition rates.
Tuition is the only significant revenue that the college has control over.
Tuition increases need to be balanced against access and affordability for students.