1. Further drive up the ridiculous cost at private colleges
2. Create an even more stark divide between "elite" schools and public schools
3.Turn 4 year public schools into glorified Community Colleges.
Item 3 would worry me the most. I fear that even the STEM programs at our public colleges and universities will suffer greatly.
4. Make having a B.A. degree meaningless.
5. Make not having a B.A. degree a career-killer.