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.
I think the answer to this is to make more community colleges offer four year degrees. They are mainly funded through property taxes just like grade school and the professors get paid just fine. $300 per class is a reasonable fee for students.