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.
If you send someone to school for free, somebody is still paying for it. Use childhood education for example; property owners pay for schools with their property taxes, regardless of whether or not they have children in school.
People should pay for themselves, but the cost of education needs to be reasonable enough that they can.