Beyond Tuition - A New Model for Education

I have a crazy idea - one that I think is just crazy enough to work.  I propose a model for providing education, for a profit, without requiring students to pay tuition.  The model also provides strong incentives for the institution to give career-relevant lessons and to ensure that each student achieves financial success after graduation.  I'm sure I'm not the first person to suggest this, though I have done zero research on the subject. 

The model is simple.  Students are enrolled in the institution based on whatever criteria the school finds appropriate, but the student is never required to pay tuition (room and board, books, etc. are TBD).  The students agree by contract upon enrollment to pay the institution a percentage of their earnings following graduation for an agreed-upon period.  It could be 10 years, or 20 or until retirement.  I'm not sure how the numbers would work out, but it would likely correlate to the reputation of the institution for turning out successful professionals. 

If the school is not successful in fostering a good career for the student, the student owes them little, or nothing.  If there is a widespread failure to provide relevant education (hard to imagine...), the taxpayers are not on the hook to back bad loans paid to students with little chance of making a go of it with their degree in Art History.  The institutions responsible would be...well...responsible. 
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