In its submission to the committee, Edinburgh College warned the pace of cuts to the sector could create a "funding crisis" and staffing problems. College principal Mandy Exley said that "in the long term, the process of reform could help us to spend money more effectively and better".
But she also warned: "Of course if you take money away in the short term it has an impact and it always has a disproportionate impact on those that need it most, that's whether you are reforming welfare or reforming education."
Carol Turnbull, the principal of Dumfries and Galloway College, agreed with Ms Exley, saying regionalisation would "bring wider benefits".
She also stressed the importance of funding, saying: "As always budgets are extremely important and everyone across the public sector is extremely stretched. We have to recognise that and be innovative and creative about how we address those issues."
A Scottish Government spokesman said: "We are maintaining college numbers and have a record number of Scots in higher education, expressed as full-time equivalent. The Scottish Government is committed to a successful college sector but this must include stripping out the duplication and waste which has diverted resources from the direct benefit of young people."