Hate to use Republican logic, but this punishes likely successes by discouraging venture pursuits that don't require college or deciding to work for someone else.
Not to mention that sometimes people may only be able to graduate high school. They are already going to be at a competitive disadvantage compared to those with college degrees; prohibiting them from even getting high school degrees creates a new underclass among those who might still get a high school diploma. My high school had a drop out rate higher than 15%, the vast majority poor blacks. Plenty of people I did graduate with had no college prospects. These people shouldn't be forced into the status of high school dropout just because they didnt waste $100 applying to a school that wont accept them. Especially since many of them were in the high school vocational training programs to become mechanics or cosmotoligists. Only an imbecile would propose such a stupid policy to improve education for the at risk.
