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.
Feel free to do an art degree on your own dime then.
Art will still be made and exist without degrees in it being necessary. However, doctors for example cannot.