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.
So education for the wealthy only? Bugger off.
Assuming nothing is done to curb the recent capitalist tendencies of universities to inflate tuition then yeah it would be mostly restricted to the wealthy. It might be possible that market forces would coerce them to become cheaper again in order to not end up getting shut down from lack of funding from lower enrollment though.