GI bill for undergrads

You may be familiar with an American program called the GI bill. The GI bill is a program for people in the US military. If a servicemember pays a certain amount in advance (it used to be $8000) he can recieve a payout after the military as long as he recieved an honorable discharge and is going to school. Current payout is about $1000 per month for full time school, $500 for part time, and $250 for quarter time. Theres a limit of $36,000 total payout. The GI bill is making money because many people don't go to school even though they planned to. The GI bill is a strong incentive and help to complete one's education.

I propose a GI bill for every undergraduate student. It would require advance payment of $10,000 and after graduation would pay back $1500 per month ($750, $375) as long as the person is attending graduate school. There would be a total payout limit of $50,000. Dropouts would keep the program running and the truly dedicated would get the funding they need. The numbers are higher because graduate school has more dropouts.