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I like the idea that it incentives universities to make sure students are gainfully employed upon graduation.

Really? And how long will it take Wall Street to bundle and sell all those student incomes to investors around the world? Human bonds, kind of like slave trading. Kind of like what we do now but in a different package.

As a general rule you can figure out what a government program actually does by looking at the name and assuming that's what it doesn't do.

So you should expect that the institution called an educational system does the exact opposite of education and indeed that's what you see if you examine it.

It should more properly called a schooling system so that it's easier for actual education to make a comeback.

I think this is a great idea.

First the school gets paid what the degree is worth.

Which leads to the second point I guarantee you the school is not going to let the minds full of mush take history as a major or some other crappy I need a PHD to get a minimum wage job career path.

“Education is dangerous - Every educated person is a future enemy”
-- Hermann Goering

That's why our current 'education' system has become an indoctrination system.

Karl, I thought X% of post-tax income referred to income left over after income tax has been paid; post = after, which would be preferable from the student's point of view to paying X% of pre-tax income.

Karl, 30% sounds high for some people. Like consider the guy who gets a girl knocked up at a frat party while he's in college. Paying for child support and student loans after taxes will wipe him out.