By Audrey Spalding and Jarrett Skorup | Michigan Capitol Confidential
If financial aid for college seems dysfunctional now, imagine the state of Michigan trying to collect a college tuition bill from someone who graduated 10 years ago, and has since moved elsewhere. Further, envision that the bill is based on that person’s adjusted gross income — an amount he or she can manipulate with deductions and loopholes — and has nothing to do with the true cost of his or her education.
Such a program seems doomed from the start. And yet, two Michigan legislators are proposing it. Under what some are calling a “Pay It Forward” plan, the state would give interest-free loans to college students in exchange for those students promising to pay back a percentage of their future salary for up to 25 years.
at Michigan Capitol Confidential
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