Sounds vaguely Islamic.
Like, how do you have a loan and pay interest without having a loan and paying interest?
I like the concept, it puts the colleges in the position of trying to get their students the best paying jobs they can because their revenue depends on it. Sounds like a win for the students. Probably put an end to “womens studies”.
It sounds like having students finance their education by selling ‘shares’ in their future income, like common stock shares in corporation. Raising money by selling stock is a viable alternative to taking out loans for companies for a host of reasons, but to attract investors it usually requires an independent market for the shares(like the NYSE, etc.) I’m not sure shares in an individual would ever attract a market. It would be all to easy down the road for an activist judge or a left wing administration, to declare such a market a form of indentured servitude and all ‘income share’ contracts null and void.