I definitely think parents should at least try their damndest to help their kids get through college. Any children I have will be getting all the help I can give, with the stipulation that they not fuck around - every penny I have ever received from my parents for *anything* has always been with the expectation that I would be working my ass off (and I've had household chores since forever and a job since I was 11, and I was always a straight A student). My little brother has fucked around a lot, so he's getting a lot less help - he did not get to select his college, and he's living at home, and since he's on academic probation, if the school cuts him off, my parents will be cutting him off as well.
You have to also think about the fact that financial obligations can seriously strangle a college career. There is literally NO way I could have completed the degree program I chose while holding down a job good enough to pay even living expenses, let alone tuition. I went to a public, in-state school and had some scholarship money, but even with that, living expenses are outrageous here because we have 30,000+ students jammed onto a little isthmus, with more and more rich kids coming in from the coast every year jacking up prices (I'll put it this way - it's cheaper to drink at a strip club than the local dive bars, and the Urban Outfitters remodeled while all the local shops and restaurants were going out of business in the recession...). I did both honors in the major and honors in the college as well as every specialty class available (sometimes called "honors plus" because you have to be specially accepted via application and be in the honors program for most of them) to get a BS in biochemistry with a fantastic amount of depth and breadth, and I spent ungodly amounts of time studying. I would never give up how much I learned for how hard I worked, but I pretty much had to sacrifice some of my GPA in order to remain sane - not even joking, I saw more than a few kids crack up because they wanted those As so bad... Had my parents not been helping me out, I would have never made it in a million years.
I'm definitely not saying that you're a bad parent if you don't pay for your kids' college, but it's definitely something a good parent would do if they could.
And I would be cool with merit-based government scholarships for school. The private donations can help buy football players that the universities want, and the gov't money can help buy brainpower so the country doesn't end up a cesspool. I find it somewhat alarming that really bright and/or hard-working kids that could provide so much to the world can get totally screwed because they're poor...