The key is that in an 'equity' based program, the most successful graduates pay for the mediocre ones by having a higher salary to pay dividends on, whereas in

The key is that in an 'equity' based program, the most successful graduates pay for the mediocre ones by having a higher salary to pay dividends on, whereas in a debt based system the integrity of the system is ensured by squeezing every last drop out of the least successful graduates.