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Thanks for your positive feedback Michael! Right now I'm trying to imagine/research how it could be implemented. I'd been thinking that it would be better to first implement it in expensive private schools since:
 A) due to the high tuition, there would be more who needs financial aid
B) such schools would have better financial situations and would better weather through the first few years of implementation
C) such private institutions can look forward to higher ROI since students coming out of expensive universities tend to go into higher paying jobs (the average starting salary for ivy league graduates are 10K higher than the national average, and rises at a faster pace)

Any suggestions?