Never mind the cost think of the social effect, we are already struggling as a nation because Blair convinced an entire generation that going to university to do waster courses was cooler than learning an actual skill/trade, the result is loads of people flipping burgers who have a degree but a colossal shortage of skilled workers/tradesmen, to the point where our country is completely dependant on foreign labour.
So the solution instead is the same but have these people x amount in debt at the same time?