[sackofmugs]

That's the current system. The rich people pay the MRSP (about 70K/year), and the poor pays half as much on average due to various scholarships / grants / aid.

Your way is just that in terms of outcome, except it's more antagonizing to the rich.

[AmericanChopper]

They pay more than that. Legacy enrolment is one of the key ways that colleges grow their endowments, which are (amongst other things) used for scholarships.