College students, CEOs, and politicians of both parties agree that something must be done about the student debt crisis plaguing American families. It is becoming increasingly clear that our current system of financing higher education is unjust and unsustainable and that a mass debtors movement may be on the horizon.

Since two-thirds of graduates leave school with debt and millions are already in default, it is not surprising that elites are feeling the pressure. Financiers, like former Citigroup chief Vikram S. Pandit, have responded by investing in companies that seek to pair students with venture capitalists who will loan them the money they need to earn their degrees in exchange for a piece of students’ future incomes.

Meanwhile, in Oregon, Senator Jeff Merkley has proposed something along similar lines. He recently posted an online petition asking people to support his “bold new approach” to college funding. Based on a plan called “Pay It Forward,” developed in his home state, Merkley would like to replace the current student loan system with one in which students pay a portion of their earnings for decades after graduation.