What is Post-Secondary Finance Model

The author argues that the student loan debt crisis is, in fact, a shortage of public interest professionals. Solving this problem requires replacing the Becker Human Capital Model with a new post-secondary finance model, based on a suggestion of Carolyn Hoxby. The new model says that if the social benefits exceed the upfront costs, get the education. This is in contrast to the previous model that says if the lifetime income exceeds the upfront costs, get the education. The new model suggests counseling to help students be efficient in their college careers and back end debt forgiveness for people recruiting to public interest professions. Pell Grants tied to particular career paths would be used to attract non-traditional students to prepare for public interest careers.