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Finally, a plan to make college affordable
ANDY KROPA/Getty Images
ANDY KROPA/Getty Images

The Michigan legislature is mulling a proposal to address exorbitant higher education costs. The plan would allow Michigan students to attend college for free if they agree to pay a fixed percentage of their future income to a special fund that would help pay other students' bills.

The pay-it-forward plan would require community college students to pay 2 percent and university students 4 percent of their future income, provided their salaries are above the federal poverty line. If the Michigan legislature approves the plan, a pilot program of 200 students will be implemented. Michigan would provide $2 million in startup money for the students. Though it's is still in its nascent stages, more than 20 states are studying the pay-it-forward plan.

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