This might save private education. A few elite colleges for qualified folks who can afford it will survive. The rest will close, since all the freebie money will go to state colleges and universities. And those schools? They'll be destroyed by "students" who have neither the interest nor the qualifications to be there. They'll be affirmative action playgrounds. It's already reached that point with some public post-secondary schools.
The answer? I feel for the parents today. Except for the wealthy, the choice will be on-line college education, a technical school, or perhaps a combination of both.