It is possible that raising tuition for college will create more revenue, but it is much more likely that an increase in tuition will cause students to choose to abandon that college, find another one, or completely abandon dreams of college altogether. Each student makes an individual decision, of course, but most base their decisions on the monetary value of the degree versus the value of said degree.
The increasing availability of the internet and studies done by outside sources as to how much each degree is worth allows individuals to weigh the pros and cons of an advanced degree. If a college were to increase tuition now, it would likely see a decrease in revenue because of this correlation. A college might benefit by decreasing individual tuition, because this would make a degree more accessible to students. I've posted links for further consideration.