Yes, the GI Bill changed the lives of a lot of people after WWII. Made it possible for people to go to college who'd never thought they could.
I think we also need to dial back on the idea that everyone needs a college education. Vocational schools typically cost less; at least they should. And they prepare students for well-paying jobs. Plumbers, electricians, and more are always in demand.
I think Federal student loans were introduced in the mid-seventies. But back then, you didn't have to start paying it back till you graduated. And I don't think ordinary banks were offering them.