Why do they want meritocracy? The companies I've seen up close want "certified Smart Kid", in which case nearly any degree will do; "pre-trained worker", in which case they require a degree in a particular field; or "someone well-connected", in which case they want someone from a limited set of schools.

(Companies do subsidize that limited set of schools, and pretty heavily, but it probably has more to do with social connections than economic merit.)

The system might break down to the point that what you're suggesting makes sense. On the other hand, "Indebted Worker" (from any of the three types above) allows companies a lot of power over their employees, so it might not.

oh, yeah, the "indebted worker" concept there sounds scary and bad and not what I'm looking for.

I think a lot of companies like to appeal to the idea of a meritocracy. I'm just saying this could make it a convincing appeal.