"free money" is very, very hard. Institutions will soak it up, leaving the price to the student exactly where it is. Because, markets (price levels settle where they bring the most profit).

I've seen it in 'incentives' to develop local railway-adjacent properties. City subsidized rents, but they just advertised 'premium' apartments and the rent is the same/higher than elsewhere. The developer pockets the incentive.

Lest we imagine that some institutions to lower their rates because of Fed support, that isn't happening now and rates are already well above what it takes to run a college.