This 2020 presidential election is pushing for "free" colleges. Proponents of this system have some good points. I don't believe that it is a good idea to impose high levels of debt on students, which may take them over a decade to pay back.
I have recently learned about a system called an income share agreement. Now whether this is the schools or private individuals offering the loans is irrelevant. An income share agreement would be the school or investor agreeing to pay for the schooling of the student and in return, they would receive a portion of the income from the student for a predetermined number of months after they graduate.
For instance, they may pay for your pilot school, and then for the next 8 years, they investor would receive 6% of your monthly income. This is a great incentive because as the student succeeds, the investor succeeds as well. These investors then have a strong, vested interest in your success (unlike now, how even a bankruptcy will not forgive the debt. They will get it back sooner or later.). It is also great because, if you are unemployed, you don't have any obligation to pay a dime to the investor for that month. You won't ever have to struggle to pay them back.
This will push students towards majors that are more productive and lucrative. The investors would require a smaller percentage of the income and smaller payback periods for these more lucrative majors. If you study something that has few available jobs or low income, they will want that extra security. So, a pilot may pay for 8 years, while a teacher or someone studying performing arts may have to pay for 12 years. Currently, the government doesn't distinguish between majors as far as I know. They just treat those getting gender studies and business degrees the same way, with little regard for the risk of losing money.
I think this is the best possible system. It is better than the silence of most conservatives on the matter and the "free" college propositions of many Democrats. And since it leads people towards higher paying, productive majors, it will be much better for our economy,
Let me know what you think.