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>> Elliott: Welcome to SourceFed, I’m Elliott Morgan
>> Steve: I’m Joan Cusack.
[music]
>> Elliott: A stigma is growing.
>> Steve: Oh I had one of those. You should see a doctor.
>> Elliott: No. A stigma, like a shame, is growing around the idea of going to college.
Why bother going to a university if you’re just going to be entering a rough economy
four years later and thousands of dollars in debt. Well, Michigan thinks it has the
answer.
>> Steve: Is it ‘don’t go to college?’ I’ve been doing that for years!
>> Elliott: Shouldn’t you say you’ve been “don’ting” that for years?
>> Steve: I didn’t finish high school and even I know that’s not a shmonga.
>> Elliott: You meant to say “word” didn’t you.
>> Steve: Yeah…
>> Elliott: Well, okay, but if you want to go to college, Michigan is putting their faith
in the hands of the education with a new ‘pay it forward’ type program that would allow
students to attend school tuition free.
>> Steve: It’s true that there’s a big financial burden on higher education and that
could dissuade many a student from entering into the big leagues. But new legislation
in Michigan is hoping to push forward a new plan that would allow students to essentially
pay for college after they gradudate.
>> Elliott: You meant to say graduate didn’t you.
>> Steve: Yeah…
>> Elliott: “But wait, isn’t that what student loans are?” You’re saying.
>> Steve: I didn’t say that, you just heard what I said.
>> Elliott: No, I meant them “you”
>> Steve: Them me?
>> Elliott: The tuition plan would allow student to agree to pay a percentage of their future
income - 2% from community college students and 4% from university students - for five
years for every year they attend school under the program. That would in turn go into a
fund to pay for other students entering into the same program. So while your tuition is
essentially free, you will be paying for the education of future students.
>> Steve: In a sense this is Michigan banking on their education system being good enough
to produce high earners. You know: an investment.
>> Elliott: While it’s not a perfect system as people could wind up paying money to their
college for 20 – 25 years after they graduate, to me this sounds pretty great. It doesn’t
matter what you can afford now, but rather that you contribute after. This should help
eliminate the financial barrier that oh so often keeps lower income families from providing
higher education for their children.
>> Steve: What do you guys think about this new system? Let us know in the comments down
below. Don’t forget to like the video, subscribe to the channel and click this annotation for
all your college tuition news. I’m Steve Zaragoza
>> Elliott: I’m Elliott Morgan.
>> Steve: You know we should set up this sort of thing but with chocolate.
>> Elliott: You mean where someone brings in chocolate for someone else with the premise
that someone will bring chocolate for them the next day?
>> Steve: Yeah, or I was just thinking someone should give me chocolate.