> students aren't paying for their education, are going to school in the state where they likely grew up, and then are still leaving

This was me. I grew up in Georgia and went to Georgia Tech on the HOPE scholarship, but there just aren't many tech jobs in the area (despite the fact that GT has one of the top ranked CS programs). I moved to the Bay Area a year ago. If Georgia would incentivize the tech industry like it has with filmmaking recently, I bet a lot more people would stay.