Wisconsin representative Tom Petri has a great idea -- just in time.

IDEA -- the proposed Income-Dependent Education Assistance Act -- would simplify the student loan system, allowing students to repay loans at a rate based on their level of income after graduation. Also, IDEA would make student loans available to students of all financial backgrounds.

With tuition at Penn State on the rise, making loans easier to repay is a necessity. If a person's income is cut for any reason, IDEA permits loan payment rescheduling. And if loans are not repaid after 25 years, all debts are forgiven.

The U.S. Department of Education doesn't exactly have a perfect track record with the Guaranteed Student Loan Program. Recent statistics show that 17 percent of the $55 billion in student loans are not being repaid.

With IDEA, payment would be collected by the Internal Revenue Service through income tax. This implementation would decrease the chance of student default or evasion.

A college education today is becoming unaffordable for many. In the 1990 fiscal year, more than 20,000 University-wide students received Stafford loans totaling $50 million.

With a 8.9 percent tuition hike slated for this Fall Semester more students of all income brackets may become dependent on federal loans. IDEA's innovative structure will help these students pay for an education.

Critics have charged that making loans available to students of all income levels could result in high-income parents shifting the burden of college costs to their children.

However, IDEA wants students from high-income families to be involved in the program. There is often a correlation between the incomes of parents and their children. If children from families with high incomes go on to lucrative careers they will pay higher interest rates and help fund the program.

IDEA is a logical and fair system which makes necessary loans available to everyone while addressing the problem of payment defaults. Students and their families should encourage federal legislators to pass this bill, which has been praised by both Democrats and Republicans.

It's an idea that is long overdue.