Welcome to the world of subprime children

 

Source: Malcolm Harris, N.Y.Times ( Paid Registration )

Student debt in the United States is over $1.5 trillion, with half of it accumulated in the past decade. Income share agreements — in which borrowers pledge a percentage of future income against debt — present the first plausible alternative. That’s what we should be afraid of.

Purdue and a few other universities have come up with I.S.A. programs that could point the way forward. They assess different rates and repayment durations depending on the borrower’s major.

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