Isn't more people attending college, and thus choosing where to go with their pocket book, the 'control'.

The people control, through voting by choosing where to attend, based on what is offered. So if someplace is not offering much that anybody wants, they don't get students, and go out of business.

The word 'democratize' is often used just for 'access' through purchasing power.

Not that I agree that money should control learning. I'd like to go back to more hardcore reading/writing/arithmetic/Compiler Design. But nobody digs that.