Chris QuintanaAndrew Hoyler had already given up a lot in his effort to become a pilot. He had secured scholarships, took out federal student loans and worked several jobs, but it still wasn’t enough. But his college, Purdue University, had another option for him.
But the arrangement with Purdue, described in the world of college financing as an"income share agreement," could mean graduates like Hoyler end up paying more than they would if they took out a traditional loan. Their payments and salaries are low now, but they're likely to increase.Robert F. Smith paid Morehouse student loans. What about those of us without a billionaire?
“I am also running for school board, something I would not be able to do had I needed to work a second job just to pay off all the student loan debt,” Hoyler said. “An ISA is simply a debt that must be repaid,” they wrote. “It also creates an incentive for funders and private investors to generate as much profit as possible ... a dangerous scenario for students.”This alternative way to pay for college comes at a time when public concern over the nation’s roughly $1.6 trillion student loan debt continues to generate rigorous debate.
With an income share agreement, students who end up working in a low-paying field could pay less than what they originally borrowed. “It was very meaningful to them that their school had the faith to back them up,” Cooper said. “To really have skin in the game to say, 'We believe the value received here for your education is worth it so much so we’ll put our own money behind it.'"
Source: Education Headlines (educationheadlines.net)
The first sentence of the article is really the problem: he took loans, secured scholarships, & worked AND it still wasn’t enough to cover tuition. How can anyone afford college?
That’s a pilot InternSzn
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