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They graduate at age 13, which is why the graduation rate is lower in Grade Schools.
http://tropico.wikia.com/wiki/Grade_School
just like WolfLordAndy wrote, build some factories and there will be many highschool students
(took me awhile to figure it out that i works that way, maybe because in society as we know it its guranteed to get a better job with a better education^^)
The bonuses given by the grade school do only apply if they graduate, so you could be looking up to ten years in game before you statistics begin to show. Also consider that some children might be studying when their teacher suddenly drops out, removing them from study. When the replacement teacher is drafted in the child selection is random, your half educated child might lose out their slot to a younger one.... it's always worth bumping up all teacher wages to ensure they dont move out to become a farmer or something :-P
Give it a decade or so to work and a single college will generally provide all the workers yeu need. A minor suppliment with loading in the professors from off-shore helps to speed up the process and prevents the first few graduates from just going back to the school.
In any case, if there's no work for a college graduate, they won't bother going to college. Why bother if there's no job market for such? If yeu're going to blow all that time learning, only to work at the local mcdonald's, it's a waste of time and effort, which just goes to show that the tropicans actually have some degree of common sense. Potentially more than some of the player base, oddly enough O.o;