soo what will this mean in the longterm?
Honestly... no telling. The details won't be forthcoming until this afternoon.
However, we can probably expect a few things.
College Tuition is going to suddenly go up. I'll point to my own post here:
If the Government offers X dollars as an incentive, rebate, or subsidy for [Product] there's a near 100% chance the companies producing [Product] will immediately raise the price by X dollars and keep the entire inventive for themselves. The only time this doesn't happen is when the product is spread around a vast number of companies that actually compete instead of being an oligopoly or cartel like nearly all businesses do, but the government generally only spends money on the oligopolies because when an industry has scads of small businesses in it, it doesn't throw big wads of money at politicians. As colleges are in the Cartel/Oligopoly class, they will raise prices.
This is going to wipe out all deficit cuts and savings for the next decade or so and make the existing deficit worse. This is pretty inevitable. Obviously throwing this much money into the system is going to jack up inflation anymore. In general expect this to stomp on the economy pretty hard.
There's going to be a lot of hard feelings on the part of working-class people who scrimped and saved every penny to get their kids through college without debt. This bit of video is currently trending:
However, those people won't have loud enough voices and will be silenced by the media so don't expect it to go anywhere much in the public consciousness.
Overall, this looks very much like a poison pill to me. It's going to be brutal on the economy and the entire education system in a year or two... right after the expected mid-term red wave and possible reclamation of the white house. Either the Republicans will repeal this, in which case they'll hand numerous talking points to the Democrats, or the economy crashes and burns even harder than it is now and that will be blamed on the Republicans who, after all, will be in office then so it's their fault, obviously.