Mainly on the basis that its being, or has been, privatised (at least in the UK / US). Under neoliberalism, being poor is the fault of the poor and it is not up to the state to pay for their failure to get educated. That's the logic.
Yes, there is no profit because it has already been mostly pilfered from the privatised system leaving governments to step in. In the UK, many universities for example are on the brink of bankruptcy. Money is taken out or squandered on anything except students and education itself. The state then have to step in to 'protect the free market' of education.