Here is how the plan was supposed to work financially:
If a student graduates, then the college would get 2 years of tuition. (If they could raise the graduation rate from 20% to 60%, the college would actually get more money since so many freshmen quit in their first year.)
If the student didn't graduate, the college would get the full tuition for the time they attended.
If the plan worked, it would increase enrolment and graduation rates while brining in more money.
The plan didn't work because so many people who quit did not pay pack the money they owed. Also, they didn't seem to factor in the cost of added staff to handle the increase in students.
For me, the Jericho plan would have been amazing! For my wife, who didn't graduate, it would have made her college life much better, but we would be on the hook for her tuition during our early years of marriage (when we were broke!!!)