Embedded Classed and Raced Academic Capitalism in an Innovative “Solution” to College Costs: Income Share Agreements at two Public AAU Research Universities

Abstract: College affordability concerns have led to new “solutions” for financing college costs, such as income share agreements (ISAs). Drawing on a racialized understanding of academic capitalism, we explore the intersection of higher education, markets, and the state in how ISAs are marketed by two public universities. We find ISAs are advertised as market-based solutions, framing universities as altruistic problem-solvers and students as philanthropic investors. Yet, we also find that institutions’ website promotion of ISAs is raced and classed, targeting current “traditional,” White, upper-middle class students. Finally, we compare institutional narratives to federal guidance regarding ISAs, revealing further blurring between the public sector and private marketplace.