This would save young Americans from going into crippling debt, but it would also make a university degree completely unaffordable for most. However, in the age of the Internet, that doesn’t mean they couldn’t get an education.
Consider the long term impact of this. There are a lot of different ways such a situation could go, for better and for worse.
Professors don’t make up near as much of the bill as the administrators and coaches that pull down 7-figure salaries. There’s almost as much bloat in the US University system as in US Healthcare. The answer to both is the same: they should ideally be free. Failing that, it should be illegal for either to be profitable businesses.