What if college students were able to find people who would provide the funding for their college educations in return for a share of their earnings after graduation? Taxpayers wouldn’t have to bear the cost of defaults, and we would have some market discipline in higher-education finance, as funders would be careful not to waste their money on unserious students and silly degree programs.
This mode of funding, called Income Share Agreements, has started to catch on, but as Beth Akers of AEI writes here, the Biden administration, through the Consumer Financial Protection Bureau, has decided to target the fledgling industry.
This isn’t at all surprising. The administration is crammed with statists. They don’t want market discipline creeping into higher education. They want it to be “free” and to do as much as possible to inculcate leftist notions into students.
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