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with an average interest rate of 6.5%

That works out to a monthly payment of $454/month.

However, people who get graduate and professional (doctors, lawyers, etc) degrees typically end up with much more debt and the average is $90K for those people. On the same terms, that works out to a monthly payment of over $1000.

As far as I can tell, this proposal will just mean fewer people going to college. Fewer students means higher prices which will lead to even fewer students and so on in a death spiral as lots of smaller colleges are forced to close or merge to stay viable. This proposal does not make college more affordable.

BTW, the Federal Pell Grant program cost $30B per year as compared to the $100B of new student loans issued per year.