I can't find exact numbers just now, but I believe that college education was rare until about the 1950's. According to Wikipedia, in the early twentieth century there were only about 160,000 college students in the US. That changed post World War II with the GI Bill. Now there are about 18,000,000. In other words I don't think it was an issue for the WTBS until then.
Financially, they shot themselves in the foot with their position on it. It's hard to squeeze money out of folks with low income jobs. Contrast that to the Mormons, who encourage higher education and good jobs. The LDS is rolling in money.