I have a question for you guys.
Today in my state and local politics class, we discussed the possibility of state governments one day dropping the concept of upfront tuition completely, so that students wouldn’t have to pay anything while in school, but pay 5% of their annual income after graduation every year until their higher education is paid off.
A lot of my class immediately was like “screw that, I don’t want to give up my hard-earned money,” but unless you’re so lucky as to not have taken out ANY student loans, you’ll have quite a bit of student debt to pay off in your adult life anyway, so why not?
I think this idea sounds pretty good in theory, because not having to pay tuition while still in school would make everything infinitely easier, and depending on whether or not this method would require you to pay interest, 5% a year could actually end up being less than what one would pay in order to get out of debt from the tens of thousands of loans they took out as a student.
I’m curious to know what people think about this. Would you rather borrow money to pay upfront and spend the rest of your life paying it off, or just postpone payment until you have the means to pay without taking out loans?
Talk to me, college kids.