Plan for Michigan Students to attend college for "free": In Return Students Pay Fixed Percentage of

[Keegs]

[url]http://www.freep.com/article/20140319/NEWS06/303190038/Pay-it-forward-Plan-would-allow-Michigan-students-to-attend-college-for-free-[/url]
[quote]In return for free tuition, [B]students have to agree to pay a fixed percentage of their future income for a specified number of years to a special fund that would pay other students’ college bills[/B].

A version of the pay-it-forward tuition plan was introduced recently in the Michigan Legislature and is awaiting action. More than 20 states are looking at some version of the plan, although most are simply looking at studying it, while the Michigan bill would set up a pilot program.

Michigan’s plan would require students to agree to pay a fixed percentage of their post-collegiate income —[B] 2% for community college students and 4% for university students — to the fund for five years for each year they attended school under the program. So, a student who went to the University of Michigan and graduated in four years would have to pay 4% of their income back every year for the first 20 years after college[/B].[/quote]

[Sprockethead]

Will the conservative sector implode from their assholes at the very notion though?

[Rangergxi]

[QUOTE]“As a result, those who expect to earn a lot won’t participate. If the future starving artists flood into pay it forward and the future engineers shun it, the program will spiral into insolvency. An easy fix is to denominate the debt in dollars rather than years.

When a borrower finishes paying off her loan, she stops paying.”[/QUOTE]

Well that should be obvious right?

[bravehat]

Sounds pretty similar to the system here in the UK, take a loan to get you though uni and start paying back what you can when you start making a certain amount and keep it going for a decade or two.

[S31-Syntax]

So... instead of having to make monthly payments, its treated as... withholding on your paycheck? I'm... okay with that.

[rhx123]

[QUOTE=S31-Syntax;44289626]So... instead of having to make monthly payments, its treated as... withholding on your paycheck? I'm... okay with that.[/QUOTE]

Yes, that's how it works in England, a certain amount based on how much you earn is taken off your paycheck until you've paid it off. No earning = not paying anything.