The Other Debt-Free College Idea

From:  The Wall Street Journal

Only an industry as insular as academia could ignore the student-loan crack up that may eventually end traditional college, and students still load up on debt though 40% of borrowers aren’t paying back what they owe. So some rare good news from this wreck: Purdue University is experimenting with a new way to finance an education.

Rising juniors and seniors at Purdue can now apply for an income-share agreement, an equity instrument that allows a student to promise a share of future earnings in exchange for cash. The arrangement, funded by Purdue’s research arm, is not a loan. A graduate who earns nothing pays nothing, and there’s no risk of crushing debt if a career doesn’t pan out. Recipients are free to pursue any jobs they wish.

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