Pay as you Earn? A euphemism for wealth transfer. Given the horrible choices made by the majority of college students, if they had to pay what they contracted to pay, they couldn't - they don't and never will make enough money to both eat and pay for that fancy four (near as likely five) year party. They won't be sining up for Obama-care because they can't afford that either, which means anyone who can just barely afford Pre-Obama health care can't afford it anymore.
This is looking to become just another 1 Trillion dollars of un-legislated transfer from people who use their heads, and try to work for a living to people who don't.