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Monday, June 13, 2016

Income Sharing Agreements Instead of Student Loans?

I was reading an article from Kiplingers Personal Finance Magazine
"AN ALTERNATIVE TO STUDENT LOANS, Income-share agreements swap debt for a portion of future salary" by Kaitlin Pitsker (July 2016 issue)
 
 about how some  American students are wiggling their way out of student debt by signing
"Income Sharing Agreements".
These contracts force students to fork over a certain percentage of their future incomes to pay off any student debt. These contracts can last as long as 15 years into your career.

Without rehashing the article, I am wondering if any of the Canadian universities are considering adopting similar methods? Do you think this is  a reasonable concept? Is it in the students' best interests? Or is it just another cash grab, foisted on those young and financially vulnerable?
Does it like "Lunch bag let down" for newly educated young adults pouncing on their first great job?

Or could it be a realistic solution to preventing debt overload?

Looking forward to hear your comments as always,

Peace,
Carla

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