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College Tuition Could Be FREE In The Future! Get The Deets On The Deal States Could Soon Offer Students & The Tiny Catch Involved!

| Filed under: Legal MattersPolitikBusiness BlitzSchool

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YOU get a college education!

YOU get a college education!

EVERYBODY gets a college education…for FREE!

Students could soon be hearing just that if the new plan for affordable education gets passed!

The proposal is simple: every kid gets to go to college for free. As in ZERO dollars paid!

But, here’s that tiny catch we warned you about…

In return for a free ride, students must agree to pay a fixed percentage of their future income BACK to the college, in order to pay for the next class!

It’s being called the Pay It Forward tuition plan and Michigan is taking it all the way to their state legislature! More than 20 other states are also proposing similar plans.

Michigan’s program would require a 2% income from community college students and 4% payment from university students for five years for every year that they attended school.

So, if you went to Michigan State and graduated in four years, you would end up giving 4% of your income back to MSU for 20 years!

Chances are, that would wind up being A LOT of money!

But considering it’s only taxing what you’ve earned AND preventing you from suffering with student loans and crippling debt, this seems like a win-win plan to us!

State Representative David Knezek agrees. He’s pushing hard for this legislation to be passed, saying:

"The goal is to remove every financial barrier to high education. We’ve increasingly placed the financial burden of college on the backs of the students. This is a no-interest plan that allows you to pay back as you go and as you can afford it. It takes the monkey off the student’s back.”

What do you think, Perezcious readers? Doesn’t not having ANY student loans sound like a dream come true??

[Image via Columbia.]

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9 comments to “College Tuition Could Be FREE In The Future! Get The Deets On The Deal States Could Soon Offer Students & The Tiny Catch Involved!”

  1. Tom says – reply to this


    Not bad at all. Say you make $60,000 a year and pay 4% of that annually. That's only $2,400 a year. I have friends that pay that in 2 months for student loans. You'd back $48,000 over 20 years but that is certainly doable.

    Only questions are will it be gross income or net income and does this apply to only state schools or is it also private schools. I would guess private schools would be exempt from this rule.

  2. Antony says – reply to this


    A similar system has been in place like this in Australia for years. Catch up USA.

  3. Sally says – reply to this


    My husband's loans will be paid off this year (20yrs, borrowed $32K, repay $75K). Based on the money he made those 20 yrs, if they had the 4% plan in place, even deducted from gross salary, he would have been paying forward only $46K, so nearly $30K less than actual payback. If it was based on net, that would work out even better in the borrowers favor. We've had $310/month payments all along, and the first job was only $20K/yr, or 19% of gross. A percentage based payback is great if you aren't making a lot fresh out of college…

  4. Happy Moore says – reply to this


    How is it free education when you have to pay part of your income in the future.,and doesn't say how much. Stick to student loans. It didn't work the first time.

  5. Rhonda says – reply to this


    I live in Michigan and I hope this would be voluntary. I can afford to pay for my children's college education. No money should come out of their paycheck if we pay tuition.

  6. @v@ says – reply to this


    That's not 'free.' That's a twenty year credit card. However, it beats making minimum wage and never ending student loans. What's the catch? Read the fine print.

  7. Irene says – reply to this


    Its called a HECS debt in Australia. Also, if you make minimum wage, then it doesn't come out of your salary until you meet a certain wage minimum

  8. Wes Bowling says – reply to this


    According to DegreesAnywhere.com, a general MBA can be obtained for as little as $6k and as high as $120k. If students would do a little research, they would find that it is not nearly as expensive to get a college degree.

  9. briar says – reply to this


    This is a hard situation, with student loans or the pay it forward program there is no guarantee of what career you'll end up with. Either way it’s a bargain depending on the outcome of your schooling. In Canada I've paid $20,000 for 2 years of college (tuition & living expenses). I would rather take out student loans because I understand the initial amount plus interest rates, where as with the pay it forward program you could be paying back more or less depending on your career. I don't believe that if I end up with a high paying career that I should in turn pay more for my schooling than someone who went through the same program and found a low paying job.
    I think this is a great option for students who cannot afford tuition or have no way of receiving loans.