Not so sure about Latin, as I have found much more use of Algebra in my life than Latin.  Then again, I don't travel nearly as much as some of my friends do, where advanced language skills are required.

 I DO like the idea of free tuition for prospective teachers, but we would need a guarantee that they would teach for a certain number of years after they get their free education.  AND pass the required exams and boards.  If they didn't finish or didn't measure up when the time came, they would be on the hook for the full costs of their education.  This would appeal to those truly wanting to teach, with a reward for actually taking advantage of a great opportunity, and being willing to work for it:  The reward being a free education.