Yale undergraduates need $4,400 to pay for tuition, room and board—$500 more than last year. That increase took effect before the Government's price freeze was imposed, and Phase II may allow another hike next year. The university has frozen scholarship funds on its own. Hence Yale has offered strapped students a complex new financing scheme: a chance to borrow $800 this year, and more later, by mortgaging their future incomes for decades.
Under the Eli version of Pay As You Earn (PAYE), students who say "charge it" will repay the debt at the rate of .4% of their adjusted gross income for...
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