Then don't fund Shady St Uni. Put criteria in place for evaluating, and make sure the universities have skin in the game.
(Also, not every degree that doesn't immediately result in you making $250,000/year is worthless. And students are pretty motivated already in pursuing degrees that they see jobs in. Even if your education is free, if you put in 4+ years into something that you can't do anything with, you're still not profiting. Students themselves would still have skin in the game even with free education.)
Ok. Do that first and I might support it. But the guaranteed loans for everyone system of today has not only inflated costs, it supports a bunch of worthless crappy schools. Go look at the list of universities in the US, and find the bottom 100. They are as offensive and wasteful as a $10,000 toilet seat.
(Also, not every degree that doesn't immediately result in you making $250,000/year is worthless. And students are pretty motivated already in pursuing degrees that they see jobs in. Even if your education is free, if you put in 4+ years into something that you can't do anything with, you're still not profiting. Students themselves would still have skin in the game even with free education.)