Answer:
Actually, the point of the quote was that there were many highly-qualified and motivated students or people who might not be able to attend college education without some sort of financial aid. The idea, as I see it, is that the mind is wasted without the higher education it desires and should not be prevented from receiving. Also, it has been used as a humorous or ironic comment on several topics, such as "I don't watch TV sitcoms (situation comedies) because a mind is a terrible thing to waste."