Ah, I see you conveniently skipped over the part I said about learning the material on your own.

If only there was a way to screen applicants based on material knowledge, rather than answering dumb questions like "Why do you want to work here?" If only there was a better way to filter who's actually qualified to work there rather than who can bullshit the best answers in an interview.

A simple entrance exam can easily determine who knows the material and who doesn't so I don't see the point you're trying to make.

If person A learned something, but got into mountains of debt doing it, while person B learned the same thing, but for free, there is no difference. The only difference is that person B clearly has the ability to think on their own, showed initiative and dedication, and could solve their own problems without being told. Person B also found an easier and cheaper way to accomplish the same goal as person A, which is literally the foundation of any engineering job; Building and finding faster, easier, cheaper ways of doing things.

Pending the outcome of the entrance exam in my theoretical hiring scenario, it's pretty obvious who I'd hire.