Free College for All … Maybe?

Libby Kane
Posted

Student loans can be exhausting.

They’re not only one of the biggest factors contributing to debt across generations, but they’re also becoming a hot-button political issue based on our struggling economy.

Wouldn’t it be nice not to have them? Wouldn’t it be wonderful to attend school, to graduate, to (hopefully) get a job and then … move on?

That might just become our reality.

Two States Make Moves

Good Mobile reports that policymakers in California (yes, that’s the state of the different-priced courses) and Michigan are making moves to subsidize college education, to make four-year degrees affordable or free for all students.

Michigan: The 2020 Plan

A bill introduced by a Senator would award students who completed their education in Michigan public school system $9,500—which is the median cost for a public university in state. Proponents of the bill say that these grants would come at no cost to taxpayers, and would be financed by closing loopholes in the tax system. Opponents note that the program would be available to students  ”whose families have sufficient resources to pay for [college] themselves,” and therefore be misusing state funds by allocating money to those perhaps less in need.

California: The Fix UC Plan

California’s plan wouldn’t eliminate the cost of school, but it would eliminate the upfront sum usually required. By charging alumni 5% percent of their salaries for 20 years after graduation, the price of admission would be based on salary and technically affordable for everyone. There would be discounts given for working in-state and for taking a public sector job, and the payments from older alums would finance the educations of those still in school.

Will they work? Will they even pass? We can’t say. But we can say this: They’ve got the right idea.

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  • Jen

    I’m appalled that a FINANCE website would tout something as free.  Nothing in life is free.  This will be paid by the honest taxpayers who have all their income on a W-2 and don’t have access to loopholes, etc. Michigan and California are two of the worst off states in terms of finances – why?  Because of entitlement programs.  No where in the Constitution does it say you have the right to a free college education.  If you want that move to Scandinavia and pay 40% + tax rates.

    • http://profiles.google.com/slweal Sara Weal

      It’s not actually the entitlement programs pulling us down, it’s the special propositions (like the high speed rail) which we approve left and right without concrete funding). We just need to think ahead for these types of ideas. 

      I still wouldn’t live in any other state. We have some of the best laws for women to stay in control of our own bodies, and you can’t beat the weather.  

  • http://www.logfurniture.com/ Claire

    Let’s hope for the best, and I hope by then textbooks are free for all. :)