The problem with free education is that as more people become educated, the signaling effect of education becomes diluted. So the Europeans are paying for something that decreases in real value the more that people have access to it. That's a self defeating policy, especially since it encourages people to remain in academia for significantly longer than they would otherwise, because hey, it's paid for by the taxpayer.
Someone earning a second Master's degree in Russian literature is not a productive use of taxpayer money.
In the US by contrast, people are able to make decisions for themselves about how to educate themselves because loans are widely available and are just a tax on their future income. If they want to pursue a high income career, they will take out a loan to cover educational expenses since it makes financial sense to do so. If their desired career is less lucrative, they will not take out more loans than absolutely necessary, freeing that money up to be put towards more profitable projects in the broader economy.
Someone earning a second Master's degree in Russian literature is not a productive use of taxpayer money.
In the US by contrast, people are able to make decisions for themselves about how to educate themselves because loans are widely available and are just a tax on their future income. If they want to pursue a high income career, they will take out a loan to cover educational expenses since it makes financial sense to do so. If their desired career is less lucrative, they will not take out more loans than absolutely necessary, freeing that money up to be put towards more profitable projects in the broader economy.