From the information distributed at the Governor's public hearing, there are 100,000 students receiving $435 million in state financial aid. The various universities and colleges that these students attend should ask their alumni to step up and "adopt-a-scholar" instead of draining state funds.
I don't know what the situation in Washington is, but the University of Illinois estimates that it has 600,000 living alumni.
If alumni have been successful in life because of their education, they ought to be willing to step up to this need. Corporations that alumni work for ought to match this at least one-for-one.