Collateral from a future job

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Some undergraduates will have a new option to help finance their degrees: pledging to pay a percentage of their future incomes in return for funds today.

Questions:
1. How does the income-sharing program work?
2. What school is piloting this idea?
3. What are some aspects of the legal gray zone associated with these human capital contracts?
4. How successful has the idea been in other countries?

Source:
Cowley, S. (2016). Getting a Student Loan With Collateral From a Future Job. The New York Times, April 8 (Retrievable online at http://www.nytimes.com/2016/04/09/business/dealbook/getting-a-student-loan-with-collateral-from-a-future-job.html)
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