|Purdue President Mitch Daniels|
You know how famous people or people with a lot of money will sometimes decide to donate a portion of that money to a school or to an endowment to fund scholarships? Students then can qualify for those scholarships and take advantage of it to pay for post-secondary education.
Purdue President and former Indiana Governor Mitch Daniels wants to turn that system on its head.
Instead of students taking out loans from a bank, Daniels wants to turn to investors (or alumni) to fund a student's education in exchange for a share of future earnings of that student. He wanted to call the plan, "Bet on a Boiler". No joke.
This sounds like a bad reality or game show. Some have called it "indentured servitude" or worse. Daniels says he needs some legislation to make his plan legal, and he plans to try to sell it to Congress. I guess we'll see if he's successful.
I'm all for ways to fund college for people that want to go, but I think this creates an awfully slippery slope here. I hate using that term, but this program really has bad idea written all over it to me.