Free College for everyone?

So I was talking with Brian today a bit about College, the cost, and all that - and after lugging The Piano down to his place an idea hit me.

Free college for everyone. Well, sort of. But not really, exactly free - but pretty damn close.

As I thought about my own past, it suddenly occurred to me that the real problem with College costs - and why it's getting more expensive.

See - we hit high school graduates with a proposition, or conflict if you like. And we do it at a time when they're most vulnerable, least experienced, and for many - poorest.

So, knock holes in my theory, PLEASE. Tell me it wouldn't work. I've been in enough start ups to know a bad idea when I see one - but this idea just seems beautiful.

Here we go!

The SELL:

So you want a college education? How about a free one? That's right - free. You get four years in a small private university. You pay your own room and board - which you've got to pay anyway. Also, you buy the books.

The PAYBACK:

So, after those four years, you're gonna pay us 10% of your yearly income for 4 years. For most of you that should total around 3,500 a year. If you don't pay, then you fall back on the remaining balance of 14,000. If we did a good job, then we'll get you a better paying job - so it's in BOTH our interests to make sure your you're successful.

The COSTS:

I figure you need 10 full time teachers, or some combination thereof. Average prof pay would be around 62k. Add a rented building with 10 classrooms, around 50k. A couple of admins, provost, president brings you up to 850k. Average class size would be about 120 students per year, for a total of about 480.

Insurance, benefits, and equipment would round out to 100k total.

That should top out at 900k - 950k a year in operating expenses.

The BENEFITS:

Being a non-profit you pay no taxes as an institution. After 5 years you have 100 students paying in 350k - 20 will be bums (or grad students), right? So that 350,000 per graduating class. After 8 years you've graduated 4 classes for a total income of 1.4 Mil a year thereafter. Eventually those bums will pay up - but just count it as a loss for now.

If you get your guys hired at good places then those numbers go up, substantially.

Okay, I'll just stand next to the wall here while you all shoot me now. :-)

Anybody got 10 million laying around looking for a good purpose?