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On the surface, this novel idea sounds great - make them have some skin in the game.

Unfortunately, I think the real world result would be that the universities would simply use it to discriminate against those of lower economic backgrounds.

I can easily see such a program having significant disparate impacts on various minorities.

I don't know about that. If anything, it would make them discriminate against degrees that are "worthless", or actually "worth less" as far as earning a wage after graduation. I suspect that this would affect students enrolled in liberal arts programs most of all. And eventually, the schools would have to dramatically shrink those segments of their institution as the demand dries up.
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