Future: Graduating College Debt Free?

Students graduating college these days, graduate with an average of $30,000 of debt. In fact, student loan debt in the United States, now far exceeds credit card debt. With entry-level job pay not matching the increased cost of living and the increasing tuition costs, college graduates are facing a bleaker and bleaker start to their “grown up” careers, sinking in debt and not being able to pull themselves out easily. There has been some push for adopting a “Pay It Forward, Pay it Back” higher education policy here in the U.S. A policy like this would allow a student to go to college for free and afterwards, they pay a percentage of their income (ex. 3%) back for a decade or so. Read more here.

What do you think of this policy? Would it allow for us to attract more students to higher education and make a more talented workforce and therefore better quality workers for our businesses while still being monetarily sustainable? What about those that take advantage of those systems?Â