The problem here is economic disparity. If people can't afford to send their children to the school of their choosing, then it's a signal wages are too low. This also applies to public schools, you can be the smartest kid in certain inner cities, and you're unlikely to do well compared to an average kid in a higher income area.

But even if we have unlimited funding for lower education, what's the purpose? The vast majority of society isn't fit for a traditional university education. And even if they are, the vast majority of university students go on to achieve what, exactly?

Sure, some kids might not be able to achieve their dreams, welcome to the club. Is the dream of a life being a scientist or some such any better than the dream of being a professional skier or race car driver? We're not robots, we're people. The obsession with academic excellence has to end.