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In 1955, economist Milton Friedman wrote his famous essay, “The Role of Government in Education.” This foundational essay offered great insights into the proper function of America’s education system. Among them, Friedman’s suggestion that college students could finance their education with the help of lenders who bear the up-front cost of a student’s tuition. These lenders would then be repaid by taking a percentage of the student’s future earnings. Friedman suggests that both lenders and students could benefit from this arrangement:

At the federal, state, and local level, policymakers and education-reform advocates have been striving to improve educational options and outcomes for all children, focusing in particular on improving outcomes for children from disadvantaged families. This effort is not new, nor is the sense that K–12 education is falling short, particularly for those children who need education options the most. In fact, President Lyndon B.