“A Senate committee voted 9-0 to approve a plan to study a program that could allow students to receive interest-free college loans and pay them back based on their post-graduation incomes…But it’s unclear how Illinois could pay for such a program…A state Board of Education spokesman said universities are concerned they couldn’t afford the up front costs of such a program.”
Really, what could possibly go wrong? A “free” college education to be paid back when you are financial able—if you ever are.
This is obviously the “fair shot” Cameron Onumah was talking about the other day:
“I am willing to pay for my Augustana College education, but I want it to be fair. I want a fair shot in this world. I want to live comfortably. I want to enjoy my youth. I want to be able to save to buy a home. I want the American dream.”
Unfortunately, like Obamacare, politicians are attacking the wrong part of the problem; something needs to be done about the wildly escalating cost of college. If college was more affordable, so would be the loans.
In an interesting aside, the Illinois state senator with the brilliant financial mind who sponsored this is Democrat Mike Frerichs, who is running for Treasurer.
Gentle readers, you can’t make this stuff up!