So, when everyone gets a “free” college education, the standard for entry level jobs will be a graduate degree rather than the devalued undergrad degree.
That is already happening for “preferred minorities”; anyone who treats a college degree in the hands of a Hispanic, black, or woman as equal to one in the hands of a white or Asian guy is a fool. A graduate degree in the hands of the former is basically the equivalent of a high school diploma for the latter.