The same issues are seen in other countries. It's not specific to US presidents or policy. The insistence on maximizing university attendance was a widespread idea coming out of the left, e.g. in Britain it was heavily pushed by Tony Blair. The Blair government also raised tuition fees considerably.

The stated rationale at the time was that degree holders earn more, so if everyone gets a degree, everyone will earn more. I am doubtful that was the true rationale but it's how the policy was sold to people.