Cost Of Tuition as proposed by department of education
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Because they're lying through their teeth?
While things obviously vary school to school and state to state, the average in-state tuition at the NY-wide SUNY system is (from this link $8810 per year, just with tuition and fees. That jumps up to $27,710 if you add in room and board, books, etc (which many student loan programs cover). State school costs will obviously vary state to state, but the UCLA system is noticeably more expensive than the SUNY system.
According to this link there were 19.7 million college students in the US in Fall 2020.
Therefore, giving all of them one year with just in-state tuition (no books, no room and board) at SUNY would cost $173.55 billion, or twice what they're projecting. Including room and board would bump that up to $545.89 billion.
And that's a state school with in-state tuition. Private 4-year schools average about $50k per semester I think. With that, then we're talking a trillion+ a year.