This proposed scheme just forces the dumb to pay for the smart. Seems like a scam to me. Why should people who will make less for their entire lives pay for people who will make more, to have the education to do it?
I might go for it if people don't get to choose their college, but are randomly assigned one. I was fiscally responsible and went to a moderately priced in-state school. I'm not going to pay for you to go slack off at Harvard and get to be president because you played grab-ass with the right secret play-group.