FREE COLLEGE FOR ALL – MY PAYFORWARD PLAN
I think college should be free for everyone. Yale, Stanford, USC, Long Beach City College, El Comino Community College and UNLV. Let everyone in. Why not? Schools have different tuitions due to the different learning experience they provide. In order to attract the top professors, the University must have the means to pay the instructor more than other schools. Professors look at the facility and how much money and effort they spend to accommodate a rich educational experience. So Universities compete for the best minds to teach there. The professors also chose schools to tout an advanced student-body. The more difficult the admissions process, the academically better the student-body is. Speaking from experience, every professor wants to teach tomorrow’s leaders, not tomorrow’s average person. That distinction determines the quality of the professor’s life’s work. Just as a college coach wants his players to go to the pros. Tuition for poor and lower middle class students are being paid or subsidized by taxes through State schools or government grants. Upper middle class and wealthy people have to pay tuition directly for their children and also other families students through taxes.
So how about colleges not charging tuition upfront, but charge a “payforward”, which is a percentage of lifetime earnings (LTEP) collected through the IRS tax process; but the money is routed directly to individules alma mater. For example, if the two colleges were free, which would you prefer:
USC or CalStateFresno? But USC said that they would collect 5% of your gross income annually for the rest of your life, and Fresno said they would collect 3% of your lifetime earnings? Do the calculations by figuring what your average annual income would be with a degree from USC, multiplying that by 40 years of income, and dividing that number by .05 to get your entire tuition. Then calculate what your expected average annual income would be with a degree from Fresno and multiply that by 40 years of income, and divide that number by .03.
Example:
USC average annual income would be 130,000 x 40 = $5,200,000 x .05 = $260,000 total tuition
Fresnoaverage annual income would be 100,000 x 40 = $4,000,000 x .03 = $120,000 total tuition
But if you studied to be a teacher and your schooling did not affect your income throughout your career the calculations would look like this:
USC average annual income would be 60,000 x 40 = $2,400,000 x .05 = $120,000 total tuition
Fresnoaverage annual income would be 60,000 x 40 = $2,400,000 x .03 = $72,000 total tuition
But if you never really amount to much in life, the calculations would look like this:
USC average annual income would be 20,000 x 30 = $600,000 x .05 = $30,000 total tuition
Fresno average annual income would be 20,000 x 30 = $600,000 x .03 = $18,000 total tuition
This system would allow institutions to be compensated by their ability to actually produce productive members of society. As well, it will allow students to get an education regardless of their parent’s ability to pay for tuition. Additionally, all of your tax dollars that go to higher education, would be for YOUR tuition. If you didn’t go to college, you would not have to pay anyones tuition. The average college grad earns an average of $1,000,000 more in lifetime earnings relative to a high school grad, so is it fair that a gas station attendent pay tuition of college students in addition to already paying for k-12 education?
The next question would remain, how to determine admission requirements. I feel there should be a matrix that calculates a scale such as the following:
GPA Admitted students
3.7 to 4.0 50%
3.2 to 3.7 30%
3.0 to 3.2 15%
2.5 to 3.0 5%
Each “level” (2%, 3%, 5% LTEP) of college would have a Government approved admittance percentage requirement. In addition, they would have to include a diversity chart for each Fall freshmen class, which included a list of students according to zip code. This test would encourage universities to reach out to high schools to assist with academic resources as opposed to neglect suffering school districts (zip codes).
With this system we could privatize all college and universities given the fact that universities could take loans from private investors and trustees to maintain schools financially until graduated students are in the work force with strong incomes to “payforward” their education.
Lastly, colleges would still have the flexibility to screen with essay review.
This would leave Government tax dollars to fund city colleges only. The reduction of direct tax burden would free the Government funds to provide community college to all students 100% tuition free. There would be restrictions on student drop class rate and g.p.a.’s below 2.0 according to student demand. Overwhelming demand would mean tighter restrictions. Community college would be a catchall for the students whose g.p.a. or college prep were not up to par and would give them another chance to prepare for a college degree. 4 year universities would have an incentive to enroll community college transfers because of them only being on campus for 2 years, yet still required to pay the schools lifetime earnings percentage (LTEP).
College debt hurts 30% of all Americans credit score. By spreading the cost over a life time and not reporting to credit agencies, problem solved.
Just a thought,
Jermaine ”For President” Harris
I must say these are great ideas brewing in your mind. If college was based on your “payforward” plan, I believe that many more people would attend to higher education. If the pay back rates were based on individual taxes and how much money individuals were making, I would feel much more secure about college finances. Especially if I knew I was paying exclusively for myself. If universities were funded based on private investors and trustees, this would save our government a great amount of money. My only question is who would be willing to invest? There is no doubt that more of our society would attend to higher education if it was free and not a financial burden. With more money in the pockets of our citizens, this results to more money going back into our economy. As we all know, education has the greatest spill over benefits to society. How could we go wrong with a more educated population? What a wonderful place our United States would be if college was free for all! By the way, you have my vote!
Wow! I have never heard of such an idea. Upon reading the fist sentence, I thought “Very unlikely”, but after reading the last sentence, I can say that I’m convinced. Why not an educational system like this? It seems very plausible. That way there is no issue as to who can or cant’ afford to go to college. Everyone has an equal opportunity.
I like the idea of this but on one part it had me think, what if you did get a job that didn’t have anything to do with your schooling, you just happen to meet a powerful person who gave you a great paying job that has nothing to do with what your learned in college. I don’t think you should still have to pay. And with the wealthy people, on don’t see how this can apply to them when they can just pay it off once they finish school. Far as the middle class and people under them, that would be nice if they didn’t have to pay for school.
I agree with this plan,I also believe that college should be taken serious and if it’s free (for the moment) some would just lag and procrastinate. Just because we have to pay for something,doesn’t mean everyone would be motivated to do their best. Especially when you have college graduates that are homeless and college dropouts that are billionaires. I understand your ongoing ideals to cut the deficit,but everything that glitters isn’t gold. Now what if your tuition is quite hefty and the job you take is mentally rewarding but not so much of a wise financial step? You will still have to pay for the full amount with what you got. Let’s say that the c/o 2010 from Princeton was given a payforward tuition,but when they enter the work field they have extreme difficulties in finding a job that they deserve. So they end up taking low paying jobs and now you have investors a bit more reluctant to invest on the sucess of college students who have been given a “credit card for education”
As for the gas station clerk who have to pay for my kids education,well Im driving a car and without drivers he wouldn’t be needed. And the wheels keep on turning
There are a few problems with this one.
Dante nailed the first issue – there’s no way in hell the rich would ever go for paying a percentage of lifetime earnings, unless you separate capital gains, inheritances, and other assets from regular income. In which case, college will be free for the wealthy and we’ll be the ones paying the bulk of the debt for everything because most of their wealth doesn’t come from income in the first place. As another example, what about a graduate who starts his own business, and becomes incorporated? His salary could be virtually nothing, yet his business could be worth millions.
The other question is where do you draw the line? Is a union apprenticeship eligible? Is it only accredited schools or enrollment in a degree program? What about self-improvement courses at a community college? What happens if you drop out and don’t finish your degree, or if you transfer to another school?
Then there’s the problem with actually getting the schools to play along. What happens if a school decides to reward admissions to those who donated the most money to the alumni association? Proving discrimination would be a nightmare.
It’s not that the Ivy league doesn’t have a lot of minority and impoverished students because of the tuition rates. I suspect that they have high tuition so that they won’t have too many minority and impoverished students. Then again I’m a cynic.
Hmmm I’m not so sure I’m a fan of the pay it forward plan while a good idea theoretically. However theres two things that direwctly bother me One is that it doesnt seem fair for example a school which produces really good gradeschool teachers will never have the benefits of a school that produces really good lawyers. Which isnt the schools fault being a kindergarden teacher or a social worker doesnt pay much but I think it should still qaulify you as “a productive member of society.” Also why should I have to pay for school for the rest of my Life? if I live to be 80 and I will have probably changed careers at leat three times I might not even be using that same degree I got from that college all those years ago.
Very interesting concept but the only part that has me a little skeptical would be the part when it comes to the percentage of lifetime earnings payed to the college. I think that a payforeward plan would be great but at a set price. I dont think many people would want to attend college knowing that they will be paying for the rest of their lives. This to me seems like a student loan with the big difference of having never ending payments taken directly from you no matter how you feel about it. What happens if you have a good paying job but difficulties arise and you are having financial difficulties due to whatever reason and you just cant afford the payments as you once did..do they continue to take a percent of your paycheck?? Just a few questions that would have me second guessing this system.
What a great plan. However as much as we do not want to say colleges make a profit, they definitely are in it for the money game as they are for the providing sound academics. Big colleges such as USC rely on the athletics departments to bring in the necessary endowments which they pass along to their students/athletes. I can not wrap my mind around accepting the “for the rest of my life” program. I despise my student debt but at least I knew when I got out of college I had a set bill to pay. The amount of times I deferred the loans for whatever reason was done under the strict understanding that I was only adding to that debt. Hence the financial responsibility rested upon me.
That is a great plan, but im not a big fan of debt or like living with the idea that i owe someone money. I think the government should pay for our education.Billions of dollars have been spent for 10 years in Afghanistan, i think its time the U.S government invests money on us. There are greater education levels around the world and when students transfer from other countries to the U.S everything seems so easy to them. We need to have better education in our country. Why would we have to pay money “for the rest of our lives” when the rich have their parents to pay for their education. They wont need to worry about paying the school system back. I think the government should look into a better education system for everyone, where its affordable for poor and rich people.
The idea of paying for one’s tuition is a nice idea a person can go to the school of their choice to earn a higher education. I prefer the idea of the government providing financial aid for a higher education for people who can not afford it. What will the government contribute to education if everyone is able to pay for their own education in higher learning? What if a person owns the federal government taxes or the state, would that affect them paying for own tuition through IRS process. I have o complains of paying for k-12 school through state taxes. Paying for education is just another expense out of pocket for people who already do earn enough money. Most people do not think college is worth going even if they will receive financial aid.
I honestly agree with the idea of payforward it would eliminate so much college debt and increase the number of college students in college and we would have a better outcome of our future generations and it would be more affordable to a college student. I would go with this plan any time if they actually applied it within the next 10 years it might improve our economy
Learning should not be firstly about a job or income. The priority should be better equips to understand the world around you. If you are a Princeton grad that decides to follow your passion of nonprofit work, so be it. If you want to be a Doctor but can not afford it…. this option may great better harmony in everyones choices.
Not too many students pay for there own college education as they go, many have parents that have paid not only for their children, but maybe their own student loans. So being rich enough to pay for your own tuition is rare. Remember, with no governmental subsidies, everyones State and Federal taxes will be lower. The Government doesn’t pay for anything, we the tax paying citizens do. Rich people normally like the idea of lower tax and less burdens on them to pay for others.
For those rich people who would like to opt out and pay up front, they very well may be offered that option. They would not be charged an annual payforward.
The percentage would only be charged against earned income, not capital gains or inheritance.
I can’t show/say how much I truly agree with this idea 100%. In fact, the “payforwrd” idea makes it much easier and fair for all. I believe that it gives the students that grades weren’t up to par more faith in attending college like the students who grades were good. It doesn’t discourage any student in attending college. Why shouldn’t it be fair to students to get the chance of a higher education, or even that second chance? Something as serious as education, should be equality given to all.
I would currently be at Harvard right now if that was the case. We all know a free college education from all schools will never happen but free college does exists through financial aid. I think advanced schools should cost more because they have better staff and materials and because in order for a student to attend they need to be more advanced and that is how companies choose who is more suitable to fill their positions.
it sounds like a good idea that might actually work if everyone went along with it. one thing i dont like though, is how some would have to pay for school for the rest of their life. things change as years go by and whos to say that something horrible wont happen and you barely have money and are trying to make ends meet and you end up getting the last penny from your pocket taken away from what you owe? i think that would be a bad situation.
I agree that college should be free for everyone, but at whose expense? Personally, I am opposed to the idea of having 5% of my annual income pay towards someone else’s tuition in a “payforward.” I think our government should provide free college to all, regardless of income. It’s possible, look at countries like Denmark, Greece, and Argentina–they provide free education to their citizens. In the US, public education at the college level is unwritten by citizens of the state. That is why colleges and universities have diverse tution level for in state and out of state students.
I genuinely like the college payment plan idea. I definitely think this plan could keep people out of debt. College loans are very stressful especially if you’re unemployed, or do not have a high enough paying job to pay for all your life needs. At times you may feel like your degree is worthless and all the time you spent on it was a waste. Being in debt and feeling like your degree is worthless is not good for the individual.
I also agree that this great payment plan would increase the percentage of college students getting a higher education and succeeding in life.
The Irony of this country is that it is the land of the free, and absolutely nothing in it or about it is free.
I don’t think all of you are reading the entire article.
College being free for everyone would be great but the idea of paying for your school for the rest of your life sounds like a big debt that you won’t be able to get rid of. There are so many scholarships out there that people can try and get to pay for their schools. The government should be playing the bigger role in providing the education for everyone so it either seems affordable or if they can free. People at first would be very excited about college being free for everyone but as Wendy said once they find out that they would have to pay for their tuition for the rest of their lives they would take a second look and probably won’t go to college. It would be devastating if the college enrollment rate went down because of people thinking they would be in debt for their entire life.
Personally, i agree that college should be free. I know that would never happened but it would be nice. The pay forward plan sounds like a fair plan. I feel colleges should give students a chance to actually learn something before they start charging you. Let students get careers and become financially stable enough to pay for college, then start to bill them. If the py forward plan did exsist i would chose USC or UCLA. I would choose a UC so that i can get the best education from the best teachers. It sounds shallow but its a true fact that the best teachers teach at the best schools.
This is an idea that I have never herd before. I love the idea of making higher education attainable for all threw this program. This in turn would make for a more educated and productive society.It sounds good but I would have a few questions in regards to the people “payforward” plan. First what do you do about scholarships (mostly athletic), how would the colleges draw the superior athletics (which bring in money for the school and draw students to attend threw there performance ) if they still have to pay for there education? Next, what do you do about the people that fell a few credits short and never graduated from that collage, how would we charge them? Do they just get all that education free of charge? And last would be what about the person that goes back to school in their forty’s to finish off a degree or start a new career, there would only be payment back for the last twenty years instead of their whole career? I think in regards to land of the free that it’s more about us having options such as being able to go where I want or dress how I wish, not necessarily about money. Growing up though I was always told that nothing in this world is free, you have to pay in some way.