Indeed. But it would require certain prerequisites:

a) A national identity number to avoid people just disappearing.

b) Introduction of a proper means test. I think extending interest subsidies to the poor makes sense.

c) A competitive market in student loans, consolidations e.t,c with the state acting as regulator.

Sorry, should have linked this one.

It is important to note that Australia, often described as having a ‘graduate
tax’, has in fact adopted a system, based on the same principles as our
proposal, of defined fees repaid after graduation through the tax
system. Students are not obliged to pay any fees up front. Instead they
repay their defined fee after graduation once their income reaches AU$25,000
a year (£10,900). For income above that, the repayment rate rises as income
rises, from a rate of 3% of all income for those earning AU$25,000 (£10,900)
to 6% of all income for those above AU$46,000 (£20,000), with payments
continuing until the fee is repaid. Australia has also just this month enacted a
variable fee reform which will require each university to set a fee in relation to
each course, up to a national cap.