When tuition rates were relatively reasonable for college, taking on a small amount of student loan debt was not a large problem. You worked for a few years, earned a higher income, paid off your loans, and enjoyed the benefits of higher education.

However, incomes have not kept up with rising school costs and student loan rates. Now you take on debt, struggle to find a job, find a job that barely pays the bills, and are saddled with debt for decades.

A new proposal is being floated to change the current loan system into an equity system, where investors would finance a student’s education for a percentage of their salary down the road.

In Oregon, the item is gaining traction:

It would eliminate up-front tuition payments and instead take a percentage of future income. Students in state-run colleges and universities would have their total tuition waived in exchange for a commitment to pay back the state about 3 percent of their income during their first 24 years of employment.

It’s good to see people taking a unique approach to tackling the debt crisis. The emphasis on getting a job after college, instead of the hope that will happen, may improve prospects and lower the onerous burden of paying off loans regardless of employment.