Tuition fees are soaring sky-high, and we’re doing all we can to scrape together enough money to pay for an education that few people can afford to reject.
One particular group of students in the University of California, Riverside has a game-changing solution to this problem: pay nothing upfront but allot 5% of your income for the next 20 years to paying for your college education.
This is an idea put forth by FixUC, a student group dedicated to finding long-term solutions to ‘fix’ California’s educational system. FixUC is the brainchild of a UC Riverside Junior by the name of Chris LoCascio, who says that the group is distraught that the only reaction to cuts in state support and the escalating college costs is to raise tuition fees.
FixUC recommends that the plan be gradually ‘phased in’ in order to avoid an immediate shortfall of funding. A four-year waiting period will allow the first classes to graduate, while the plan could be fully implemented after a decade – when about 261,821 students would be paying an estimated $712.6 million a year into the system.
The benefits to students are clear, as they will basically have access to a ‘student loan’ with an interest rate of less than 1% if the numbers all add up. The problem, however, is actually proving that the model is profitable over the passage of time. This is because the math involved is ‘is very tedious’ as LoCscio puts it, although it should hold some merit if LoCascio can manage to get the ear of the UC Office of the President.
Whether FixUC’s plan is actually feasible or not, their attempt alone is praiseworthy. We need more ‘out of the box’ thinkers that can put forth ideas that can help both the student and the university, especially now that the rising costs of tuition makes education an increasingly unreachable commodity.