I think US needs to fix it's education system first to make sure that all deserving people get a chance to go to college without incurring debt. It can easily be done considering the money the government spends on defense and other (I'd call useless) agencies like NSA, DEA, etc.
One of the first steps could be to pay college tuition for students matching certain criteria (I'm not sure what the criteria could be - maybe GPA - but I'm certain that some elibility criteria can be defined).