Because of all the trouble college students have gotten into with debt over the past decade – or longer – some colleges are making different offers to make things easier for students to attend.
Instead of requiring tuition money up front, schools like Norwich University in Vermont are creating “income share agreements.”
Instead of a traditional loan, which would have students pay down the principal and interest until there is nothing left, students agree to pay back a percentage of their salary for a set period of time.
It has the advantage of allowing the tuition payment to be unpaid until the graduate actually has a job.
But, it seems scary to promise a percentage of a salary to anyone, much less universities, which have been cashing in and raking students over the coals for years. (Los Angeles Times)