The way to do this is to get gov't out of higher education. Obama's solution is to add more money to the pot. Wonderful.
Since colleges know that they’ll get the money no matter how much they increase tuition (since gov’t will loan/grant it), there’s no incentive to reduce costs.
Would not having student loans reduce who can attend college? Yes, but perhaps too many attend anyway. That said, financing can and should be available, but limited to a certain amount.