Every time he comes up with an idea for something like this, it's only retroactive, making it too late for anyone to factor the availability of this "free money" into the decision of what type of degree to pursue, and where.
People who made the decision not to go to college, or to pursue an inexpensive college degree, because they thought going into debt was unwise, will receive nothing.
It's the exact wrong way to do it. If we want to help more people with college, make it fair by doing it for the generation ahead, who can still make the choice.