This is a pretty brilliant move for a storied old company to get a new, totally different customer.
We racked up our credit card debt primarily through daycare, which cost $30k/yr for two children. It doesn't get the attention that college does but it doesn't seem much more sustainable.
This seems less radical than sensible, as the research shows. The improvement of morale is probably where the benefits to the business come in, more than employees working harder towards an indirect benefit on the bottom line.