What a crazy idea. It would make a college degree worthless, because there would be an incentive to pass all the students ( regardless of merit), because otherwise the colleges would have to give all the money back.
Jeb is a complete idiot, and the only reason why he is not a Democrat is because his family is Republican, and he does not want to break that tradition.
An economist (an actual one) tried explaining that to Jeb, but this was his response: