I think it's a great idea. I'm all for seeing the for profit colleges that make a mockery of the educational system shutter their doors. The barter system. Serve your country and learn a trade while you're enlisted. Instead of do your years and still have to take out loans afterwards in order to get your college degree.
I think military service should be a requirement once you hit 18. Two years minimum so that you can learn a trade; four years if you're earning a degree.
If you like what you're doing where you're doing it you can always re-enlist and stay for as many years as you qualify. This would also give opportunities to those that live in less than fortunate environments that they might not otherwise have access to.