re: Can someone explain TOPS to me?

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Why should the state be mandated to pay for your kids education? Since when did higher learning become a right. And the majority of the people that support TOPS complain about subsidies for healthcare, the government bailing out the student loan industry, or anyone that gets any type of handout from the government.

Why is TOPS any different? Surely it's not because people with kids are going to stand to receive such a huge monetary benefit? If so, what a bunch of hypocrites.

If I'm missing something please explain

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First answer this:

Does the state have an interest in funding colleges and universities?

If you think universities are important (and most people do) why not fund the students to go to the college they choose. In other words, the money follows the students.

This is better since than distributing state funds according to some formula that basically entrenches the current system.

School X sucks? It won't get many TOPS students.
School Y is great? Students (and their TOPS money) will flow to it.

Not perfect, but MUCH better than the old system.