Better than education reparations

I had an idea about education reform and am curious what the board thinks. What if the federal government started a college credits program. It would work like this: any citizen can sign up to take a multiple choice test at a secure testing center. The materials needed to study would be posted and the student can self-study and take the test when ready. The tests do not add up to a degree, but credits for high scores must be accepted by any school receiving federal funds. I think this would equalise competence, provide opportunity for those of all income levels (nominal fee for testing), ease the US out of the student loan debacle, and prevent Marxist professors from unfairly grading conservatives during GEs. TD thoughts?