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|I Am Skooter|
So here's us, on the raggedy edge.
The C.D. Howe Institute has come out with an entirely reasonable and perfectly logical suggestion for Canada’s student loan programs:
Introducing income-contingent student loans, whereby loan repayments depend on income or earnings after graduation from university or college, would allow students to reduce the risks associated with investing in higher education and increase access for students from low-income backgrounds, says a new C.D. Howe Institute Commentary.
The match is pretty simple really. Economies that invest in education for their citizens outperform those that don’t. This is particularly true of those that have accesible post-secondary education.
It makes sense, therefore, to extend access to post-secondary education to as many as possible. Since advanced education costs money, there is an inherent built in advantage for those from middle to upper income families.
Extending the reach of student loan programs is an important goal, but not if the funds are never recovered.
Tie repayment to income, make payments manageable and the benefits are multiplied significantly: not only are loans repaid with interest, the income is taxed.
Such a plan will, of course, never be introduced. Students don’t vote and all that matters is votes.
Tragic isn’t it.