As most of you know, the Pandora household is preparing to send our first born off to college. We actually received our first second acceptance letter!
For those of you not here yet… the cost of college is enough to take your breath away, which is why this article caught my attention.
An activist group in California is proposing that the state charge graduates of its university system 5% of their income for 20 years after they graduate, as tuition. The LAT reports that it’s not completely wacky: the head of the entire UC system has said that he likes the plan, and that his team will study it. In that case, let us do some quick and dirty math.
Current UC undergrad tuition per year: $12,192
Four year UC tuition costs: $48,768
Which would equal 20 annual payments of: $2438
Which is 5% of: $48,768
Now, I haven’t thought this through, but it did catch my attention. Go read the entire article. (Fair use limits my cutting and pasting.)
I’m interested in your thoughts… because what high school seniors are facing financially makes this idea worth a second look.