Quebec (Canada) has a system like that, it's called free higher education, and you pay with a fraction of your salary called "income tax" (it's actually 2k$ per session, not completely free)
No Tuition, but You Pay a Percentage of Your Income if You Find a Job
61–70 of 221 posts
Re: No Tuition, but You Pay a Percentage of Your Income if You Find a Job
#62Congrats to Lambda School on finding a way to get companies to pay for employee training.
Re: No Tuition, but You Pay a Percentage of Your Income if You Find a Job
#63Why not just let the market do what it wants? That’s how we got Lamda School in the first place. That way there could be income-sharing schools like Lamda School for trades that make financial sense. For degrees that don’t make financial sense, students could pay for them upfront, as many already do. The government never had to be involved with financing higher education to begin with.
> The government never had to be involved with financing higher education to begin with.
The government needed to become involved to make education affordable to students without wealthy parents. If the market was going to take care of that by itself, it would have happened before the government got involved.
Re: No Tuition, but You Pay a Percentage of Your Income if You Find a Job
#64Congrats to Lambda School on finding a way to get companies to pay for employee training.
:) basically
Re: No Tuition, but You Pay a Percentage of Your Income if You Find a Job
#65This isn't new, we do this in the UK and it's still rubbish (but arguably better than having a $200k student loan balloon from interest while you're pouring coffee). Someone correct me if I missed something.
The school doesn't get paid if the student doesn't get a job. Pretty different.
Re: No Tuition, but You Pay a Percentage of Your Income if You Find a Job
#66Quebec (Canada) has a system like that, it's called free higher education, and you pay with a fraction of your salary called "income tax" (it's actually 2k$ per session, not completely free)
But some of that income tax gets lost in the education system. It would be much efficient to just pay back to the school you went to. Then there’s no chance of it getting spent at levels above the school.
Re: No Tuition, but You Pay a Percentage of Your Income if You Find a Job
#67So you get an education for free, then pay back into the system after you're in the workforce? Congratulations, silicon valley, you've just re-invented public education! Imagine what our public universities could look like with solid funding increases (which would be a fraction of that 17% that this group wants to take). They could be both free and amazing.
Where is post-secondary education free in the U.S.?
Re: No Tuition, but You Pay a Percentage of Your Income if You Find a Job
#68Earlier quoted context omitted.
> The big issue is for universities is how they would handle marriage. I don't see why this is an issue at all. If the college claims that "finding the high-income person you will marry" is one of the reasons to attend that college, then they should please return to the 1950s (or earlier!). If they DON'T, then the repayment should be based on the individual's income, regardless of their spouse's income. Does this mea…
That's a pretty easy system to game. Got loans you can't afford to repay? Quit your job and claim to be unemployed, so you can stop paying your loans and live off your spouse's income. A lot of people who can't pay their loans are in low-paying jobs they don't like, so this would be a very tempting option indeed.
Financially, it would be throwing away a dollar to try to save a couple of dimes. There is no scenario where you would be better off by doing so.
But if the low-paying job is crummy enough, maybe you don't care about strict financial calculations...
Re: No Tuition, but You Pay a Percentage of Your Income if You Find a Job
#69Good. This does exactly what Nasim Taleb argues and forces the college to have "skin in the game." Education needs this sort of revamp badly. Government meddling with student loan guarantees caused the price inflation, more government meddling won't solve the problem. The system needs a reboot, and this sounds like exactly what it needs. Don't pay unless you make over 50k, awesome. Payback lasts 2-3 years, awesome! I…
This "special butterfly edge case" == anyone who wants to specialize in the humanities attitude will probably lead to a bleak future. Life does not begin and end with technics nor economics.
Supporting the continued interest in the historical, artistic, cultural, literary and philosophical development of mankind and likewise supporting the preservation of these fields shouldn't be seen as 'catering to those types'. If you'd like to live in a world devoid of art, culture, and history, but efficient, logical, and completely determined to the apex, be my guest; it sounds like tons of fun.
If these systems are to be adopted nationwide they'll have to figure out a reasonable way to fund studying the humanities for more than just 'a handfull[sic] of true scholars'. Traditions and whole fields of disciplines don't live and die off the progress of a few geniuses--they are worldwide human endeavors sustained by a complex of economic, political, and pedagogical interests. Maybe that means this sort of model is only fit for 'trades', but eliminating support for the humanities wholesale wouldn't work.
Re: No Tuition, but You Pay a Percentage of Your Income if You Find a Job
#70> At Lambda, students pay nothing upfront. But they are required to pay 17 percent of their salary to Lambda for two years if they get a job that pays more than $50,000.
This appears to create a cliff:
If you make $50000 a year, you keep $50000 a year.
If you make $51000 a year, you pay 17% ($8670) and you keep $42330. That extra dollar cost you a ton of money.
It really ought to be a marginal rate like tax brackets.