Did you read the whole article? He wants to pay for it by raising taxes not by increasing the debt.
Even if the so called Robin Hood taxes pay a portion of the bill, it's reasonable to assume we'll go into debt funding and the plan (the feds have proven over and over they can't be trusted to manage a budget) and the article is silent with respect to the state's 33% portion of the tab.
I think it's safe to assume the middle and upper class tax payers in each state will be picking up the tab on their state's portion and that's a tough sale for even the most skilled politician. Should our working class, i.e., tradesman, truck drivers, mill workers etc. be taxed to provide someone else an education? I don't see how they escape the taxes that the state would have to impose on it's citizens to pay their portion. I'm not a blue collar worker and I find it offensive that a plumber, for instance, has to battle through shit, literally shit, so I can go to class, chase some tail and drink for four years. I think we'd get some serious kick back on this from unions and labor groups.
I think Wooly brings up a good point too:
My problem with the rising costs of higher education is that people just want to keep throwing money at it. Instead of addressing the real issue of us pushing every kid into higher education simply because "it's the right thing to do" instead of offering assistance in getting them employment skills. Kids are leaving college at alarming rates without actually going into a chosen field......
As a policy, do we really want to continue pushing kids into colleges where they may not belong, and doing so at the expense of the middle class uneducated tax payers (assuming they'd have to pay the state's portion)?
I do agree with interest rate caps. The risk is minimal - you can't discharge the debts in a bankruptcy. You can die or simply not work. Given that most of the people carrying student loan debt are young, I doubt they die or choose a life of not working simply to avoid paying loans back. These rates should be next to nothing.
I was offered financing for a truck about a year ago - $0 down and 0% interest over 72 months. I pay a 5.25% fixed rate on a federal student loan. So the debt tied to the rapidly depreciating asset that can be discharged in a bankruptcy is 0% and the debt that's harder to get rid of than a case of herpes I'm paying 5.25%.
Makes sense.