I'm inclinded to believe that it would be better if we made college educations free at public institutions for all, before we start handing out individual grants. Since we are a ways away from free college, individual grants will have to do. The gov't wastes a lot of money, but money spent on education is never a waste. My older brother paid for a good portion of his Master's via grants, My oldest sister got her masters free from the state of California. I believe both have paid the country back many times over.
FWIW I have been going back to college off and on for 25 years (on my own dime and I'm not retired or unemployed) and as soon as i have the chance to I'll be returning. Continuing (or never stopping) your education is a great suggestion and worthy pursuit. The country and the world would be a better place if we kept trying to improve ourselves.