n. A mortgage that covers the cost of a student's university or college education and that is paid back over an extended period, similar to a residential mortgage; the debt that a student holds at the end of their university or college education.
Gordonstoun, the exclusive private school where Prince Charles was educated, is planning to offer its own 20-year 'education mortgage' in a bid to attract more students from lower-income families.
The commission notes the overall growth in college enrollments, which have been especially dramatic in community colleges; the shrinking size of federal and state financial aid to students; and the subsequent increases in student loans and accumulation of debt. According to the commission, these factors have resulted in 'education mortgages,' where students begin their careers in debt and are unable to invest in education for the next generation.
When people buy a home the vast majority take out a 30-year mortgage because they can't afford to pay for it all at once. Why not do the same for education costs? I would like to see this 'education mortgage' funded with a dedicated income tax with very flexible terms but also teeth to ensure it is repaid.
Let's pause here for just a second to savor the rich irony of the extraneous apostrophe in the title of the second citation.