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Maybe it could be a percentage of all taxable income, kind of like giving out equity in the student themselves as a person?

Although of course there is no reason for college in general to be particularly expensive.

That's what it is here in the UK. It's around 8% of everything over £20k with loan forgiveness after 30 years.

I believe Australia has a system along those lines, with forgiveness for people who work in the public service sector.