paying tuition: now or later?

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.

xx Gabi

Advertisements

3 thoughts on “paying tuition: now or later?

  1. Few points to consider: What government would be able to pay for a pricey tuition upfront and wait for decades for a payback? The future job must be 1) available, 2) paying well. Most people would not want to pay more taxes to cover education (especially, sorry to say).

    Liked by 1 person

    1. That is a good point. Unfortunately, most of the people with all the money are very against raising taxes.
      That said, most schools, especially schools as big as Temple, have such a constant flow of students coming in that while 10,000 students aren’t paying for four years, the 10,000 students from the four years prior are now paying. It’s like a pay-it-forward system. There should be an increase on taxes for education anyway, but it’s not like colleges only take new students or graduate current students every four years. Every year, thousands of kids graduate and thousands of kids come in. It’s just a matter of re-budgeting and determining how much each student pays, how often, and until when, as well as where to allocate that money.

      Like

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s