Yes, FB ads was one of my main user acquisition channels for several years before I shifted from marketing to development. I remember there used to be ads for "Dad Scholarships go back to school" campaigns running for a long time, so what you're trying to do should work.

On FB, CTR is really really important, and you want to get your CTR up at least over .07%. My best campaigns started at .10% CTR and with a lot of refinement and optimization of the audience, I was able to get .20% to .40% CTR with more traffic than my dedicated server could handle for almost a year. Keeping in the FB ecosystem will lower your CPC, but it's doable with external sites too.

Based on the limited info you've provided, either you are not targeting the right demographics, or you have a messaging problem.