"free money" just screams inflated valuation. it's like credit card companies giving "cash back" so they can take larger fees for themselves. the fees more than cover their costs, so they funnel some of the largess back to the consumer to make sure the gravy train keeps going.

i'd be for having every student leave college with some debt, maybe on a scale of $1K for open-to-all colleges and $10K for the most competitive ones. enough to feel the value proposition, but not enough to laden the futures of those recent graduates.