I guess I will do the napkin math:
39% of Americans graduated college [2]
Income of mid-career is 111,000 (college) vs 43,000 (HS) [2]
Lifetime increase in earnings is estimated 800,000, paying taxes the whole time.
So I think the commenter calling this a one time tax deduction is closer to reality than a "regressive tax". Probably less regressive than the 401Ks many college grads have vs HS.
Taxes are paid on income, not on people.