Should public education be banned except for people with above-average IQ?

Not only would this reduce government spending, but it would also probably ensure higher-quality education.

Basically, all public schools and universities would be defunded, except for people who score above-average on IQ tests (e.x. 130) and who are unable to afford private schooling equivalents.

This would ensure that mass public education models aren't wasted on people who are less likely to succeed in higher educational or business endeavors - so instead of granting mass "bare bones" education which is basically just one step-up from complete illiteracy - we grant quality education to a select minority of high-potential individuals.