Then colleges can either go out of business, or streamline themselves so tuition is more affordable, or adopt other cost saving measures.
The student loan debt overhang is currently over $1.6 trillion.
https://www.forbes.com/sites/zackfriedman/2020/02/03/student-loan-debt-statistics/
I would rather a bunch of colleges go under, than have taxpayers be forced to pay it.
Remove funding from public universities, as Schilchter proposes, and all public universities will go out of business. They are no longer state institutions so they no longer exist. That leaves private schools. Tax their endowments at confiscatory levels, as Schlichter proposes, and their ability to provide student aid disappears. Remove student loans and students can't afford to attend because they can't afford the tuition that the schools would have to charge. No students, no need for private universities either. Schlichter's essay was titled "This Is A Great Opportunity To Destroy Academia" and that's what he wants to do. And while I agree with his premise that many jobs don't require a college degree, others jobs like medicine and engineering and science and business do. So destroy your universities and where do you get those people from?
Do you think it's in our national interest that a lot of young people get formal education beyond high school?