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With Reagan, it was because Republicans at the time thought there would be too many educated poor people. One of his advisors (Roger Freeman) said:
“We are in danger of producing an educated proletariat…That’s dynamite! We have to be selective on who we allow [to go to college]…If not, we will have a large number of highly trained and unemployed people.”
He was basically worried about a revolution because of it.
Source: https://theintercept.com/2022/08/25/student-loans-debt-reagan/
There’s other sources if you don’t like the Intercept.