Basically we are publicly subsidizing education. Will it be worth it? Well, history has shown education to be a better investment than subsidizing the risks of private institutions. I'm betting it will be.
Don't deal in the fuzzy-wuzzies of how wonderful education is in a perfect world. Deal with the world in front of you, the one on the news, the one generating a trillion dollars in crushing debt on those least able to pay it back. People are exploiting your willingness to hide in glib, pretty generalities.