Planet Money just did a podcast about this. They do it at Purdue.Free is taking it too far. But I saw a proposal where you pay a percentage of your income for a certain amount of years, and the remainder (if any) is forgiven. Something like 5% for 10 years. I think that’s reasonable, and doable.
Lauren is getting tens of thousands of dollars toward her tuition not as a scholarship or a loan. There is no set amount of money she has to pay back. But for eight years after she graduates, she has to give Purdue a percentage of her income. The more she makes, the more Purdue gets. It's more like she sold stock in herself.
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