I think this rates as a great idea. I probably sound like a crank here but I think overburdening college students with student loans creates a debtor class. Students will need to get a steady paycheck to pay their loans. That means fewer and fewer going into self-employment or into areas where they cannot get a wage sufficient to pay their student loans. A friend claims we are on the verge of a new feudalism with student loans creating serfs. For a bit more on this issue, take a look at
Forgiving College Debt through Service at The Poverty Law Prof blog.