Free College for All ... Maybe?

Free College for All ... Maybe?

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.

More From LearnVest

Take a closer look a students' financial burden with this infographic.
We only wish that college taught these ten lessons.
Are your loans getting you down? Get them in shape with our bootcamp.


Financial planning made simple.

Get your free financial assessment.

Related Tags

Get the latest in your inbox.

Subscription failed!

You're Now Subscribed!