This would save young Americans from going into crippling debt, but it would also make a university degree completely unaffordable for most. However, in the age of the Internet, that doesn't mean they couldn't get an education.
Consider the long term impact of this. There are a lot of different ways such a situation could go, for better and for worse.
Old people lose good jobs…
I am sure all the young people who never had a good job will suffer from this
You snark, but unironically yes? Obviously?
If you think the professors that will be left will be the highest quality instead of the longest tenured, you're being willfully ignorant. And that loss will ripple down through every generation those passionate and skilled educators would have taught. Plus, "the olds" or whatever have families (which include young people) that would be suffering even more directly to boot.
E: I see we're doing the whole "disregard the overall point and only snark about the lowest hanging fruit you can intentionally take out of context" thing. Into the void with you, redditor.
Yes children of high income earners might also suffer…
The horror!