Anya Kamenetz, the author of Generation Debt, addresses in her book new models for funding both the cost of a college education and the cost of starting a career. One such model is New York’s Pave program. It is similar to an older program from the early 2000s called MyRichUncle that matched wealthy backers with prospective youth.
Perhaps a young person wants to earn a degree in computer science. Instead of wracking up a large student loan debt, Pave helps the student find a group of people that might be willing to invest in the student’s education. Why? Backers then receive 5% of the student’s income for one decade!
People can help people to their mutual benefit. And, why not? The financial boost is well worth it. Yes, backers may lose money, but if they invest in enough people, they could also find youth who have an added incentive to build successful careers. In fact, Pave will even match young people who have ideas for developing careers even if they are not seeking a degree. Start up monies for successful businesses and career ideas can be a big pay off.
College education costs can be approached from many different angles and with fresh and diverse ideas.