Marguerite Roza, via Deb Britt:

As the national debt soars with pandemic bailouts, ideas like free college drift further from the headlines. Meanwhile, the effects of the economic carnage mean that college goers and student loan payers are falling further into debt. But what if there were a way to pay for college that didn’t boost federal debt or further burden taxpayers?  

Here’s an idea that just might work.

Let’s say the federal government offered $10,000 each year to students to pay for college — or to pay off their student loan debt — in exchange for postponing by one year the age they become eligible for Social Security and Medicare benefits. Those who choose to could exercise this offer for up to four years, for a total of $40,000; in doing so, they accept that they may have to work four years longer at the end of their careers. (Americans born after 1960 are eligible for full Social Security benefits at age 67, while Medicare currently starts at age 65.)

Here’s why this could work. A person in retirement draws average Social Security and Medicare benefits that cost the federal government over $30,000 each year ($18,036 in Social Security and $13,431 in Medicare). So, every year of $10,000 paid for college costs would reduce future obligations by over $30,000, in today’s dollars. For every year of delaying eligibility, the federal government nets a savings well in excess of its up-front investment. (Notably, the federal government already administers most student loans, and Treasury considers accounts payable as federal assets, so it wouldn’t be a radical departure to shift to this set-up.)

Critically, this model is entirely voluntary. No one would be forced to take dollars now in lieu of dollars later; every American could make their own choice.

Equally critical: Americans who don’t participate don’t get stuck paying for those who do.