I like this more than blindly lending out money to every student, wherein 2/3rds are going to piss it away on worthless degrees. It would take in private financial markets to determine which degrees get financed and which do not.
The problem, however, as is with many Republican/Conservative/Non-leftist solutions, is it does not simply aim for the optimal solution, and replaces a horrendous problem with a slightly less horrendous one.
Students would now be indentured servants. Instead of letting private markets lend to engineering majors at 4% and liberal arts majors at 18%, they would own a part of that person's life long labor, which is the definition of slavery.
A much simpler solution exists and that is privatizing all schools, getting the government out of higher education altogether, and letting private people figure their educational needs on their own.
An even simpler solution than that, is what is slowly, but surely happening, and that is the internet (and employers) are replacing and obsoleting insanely overpriced brick and mortar schools.
Government could have done something looooong ago to save at least 30 years of students trillions in unnecessarily high tuition. But the politicians, like the people, are too stupid to understand basic economics and the power of a free and uninterrupted market.
Enjoy your sociology degree.