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New way to pay for school?

As anyone in school knows, there are different ways to pay for school. You can qualify for grants or scholarships in order to avoid paying for school yourself. You can pay for school upfront, or you can take out student loans either via your parents or under yourself. For those who take out student loans, you're all too familiar with interest rates and how what you toke out can continue to grow in size over time. And this can leave you with debt for years to come, I know because I myself am at over $100,000 close to the end of my graduate studies due to compounding interest. In fact, student loans account for more U.S. debt than credit cards and auto loans since 2010 (Chiwaya, 2019). Yet there may be a new way to pay for school. Senators Todd Young (R-IN), Marco Rubio (R-FL), Mark Warner (D-VA), and Chris Coons (D-DE), introduced a new bipartisan bill to set consumer protections for income-sharing agreements, in the hopes that this will be another option for higher-ed consumers (Kreighbaum, 2019). The way income share agreements work is that the student would be agreeing to pay back the school from a fixed percentage of the student's salary in the future. The more you make, the more you pay, as is the opposite, the less you make, the less you pay, even to the point of not having to pay if you're income falls too low (Brancaccio & Conlon, 2019). That eliminates one risk, however, it is not necessarily cheaper than student loans with higher income earners. Like anything financial, especially one that can follow you for a long time, its best to sit down and calculate the cost of both loans and income-share agreements. It might work out for some, while traditional loans may be better if you work at a hospital or group that provides tuition reimbursements. Find out how much the nursing role you're going after pays in the area you want to work. And first of all, make sure you go to an accreditated school that's price tag is reasonable for your situation and goals.


Brancaccio, D. & Conlon, R. (2019). How do income share agreements work? Marketplace. https://www.marketplace.org/2019/08/16/how-do-income-share-agreements-work/?utm_campaign=Marketplace+Midday_Newsletter_20190819&utm_medium=email&utm_source=sfmc_Newsletter&utm_content=Inside%20the%20income%20share%20agreement
Chiwaya, N. (2019). These five charts show how bad the student loan debt situation is. NBC News. https://www.nbcnews.com/news/us-news/student-loan-statistics-2019-n997836
Kreighbaum, A. (2019). Senators push alternative to student loans. Inside Higher Ed. Retrieved from https://www.insidehighered.com/news/2019/07/17/senate-lawmakers-introduce-bill-spur-growth-income-share-agreements

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