Debt, not equity

Aligning Compensation Incentives in Higher Education: Is Higher Education Debt or Equity?

It’s debt. You can’t sell a degree or use it as collateral. So, it’s debt… or more precisely, it’s a set of wildly overpriced consumer services that is marketed as a product and is usually paid for with a particularly onerous form of debt. So, however you want to describe it, “equity” isn’t a reasonable way to do so. Sweet Black’s, but how I despise lawyers. They are very seldom anywhere nearly as clever as they would like to believe themselves to be.