I like the concept, it puts the colleges in the position of trying to get their students the best paying jobs they can because their revenue depends on it. Sounds like a win for the students. Probably put an end to “womens studies”.
On the other hand it removes from the student the economic disincentive of getting such a degree. If I were in one of the sciences, engineering or finance, I would be looking for a fixed dollar loan and leave the indentured servitude to the lower paying degrees. Maybe in a free market students aiming for a high paying career would be able to negotiate a lower indenture rate than art (you want fries with that) history.