Thank you Christophe. It seems the website is still under construction, I will follow it up closely.

To be frank, I am quite surprised by the lack of response this idea has gotten. Is the scope too large? Is the idea "not-feasible" enough? Since I wrote this post, I have looked up more sources. In particular, a 2015 book called "Basic Income in India: A transformative policy".
As we speak, there are many Indian villages going through Basic Income pilot programs and although the pilots only last on average one year, sometimes two, the outcomes of the individuals and thus their communities reveal significant positive changes. I would recommend anyone with the slightest interest in Basic income to check the book. 

Following the reading of this book, I not only feel inspired by the results but also feel there is a lot to be learned from those experiments that we could incorporate in our policies on tackling urban poverty and inequalities. 
The Basic Income policies rely on three key aspects: 1) Does it empower the well-being of the recipient? 2) Does it empower the economy sustainably? 3) Does it advance the emancipation of the individual (and that of the society)? This is crucial as we have to be constantly aware of whether a policy is really intended with those changes in mind, instead of favourising others interests (which is what subsidies tend to do)
 
Meanwhile, there are several other pilot project experiments on the Internet. Some of them are private (relying on contributions from the public; by grants) so it's an exciting time to be following this come alive. Peace to all.

Thank you Alisa. In fact, this is blog entry from one such beneficiary of basic income. Scott is able to sustain himself thanks to a basic income supported by his followers. His experience is valuable in understanding the day-to-day effect of BI. 

http://www.scottsantens.com/basic-income-observations-log-entry-one-security

Hi Ed,
Thank you for sharing your idea. I have a couple questions:

1. By tying yourself to a loan in exchange for education, how do you make sure that the borrower (student) isn't chained to the sponsor's financial interest.
1 bis. What is the incentive for creditors? What sort of return are we talking about (sweat equity, etc.)

2. What criteria is used to define “success”. Is a graduate whose able to find a job upon graduation considered successful? What if someone decides they want to change the field of studies halfway through?

3. What if the job is done out of necessity to pay the debts rather than out of a personal pursuit driven by passion ?

4. My concern is on putting pressure on people to find the job because they feel obligated to do so.

5. If the graduates aren’t able to find a job, how does that affect them and the creditor? What insurance do they both have?

Caveat: The nature of Work is under-going a transitional phase, automatization and globalization are constantly shifting the demand/needs for work. What we consider a valuable career today may not be applicable in a couple years.
I am a proponent for promoting education at low-cost with a no-strings-attached.
My concern is that I feel that help, driven by financial incentives, even if out of good intentions, may ultimately fail to accomplish its original intent: helping students to get an education leading to acquire the personal skills.

Lowering the cost of education should be done out of sense of collective responsibility. I think this is one of those situations where we have to Act, rather than consider all possibilities and act only then.
A better analogy would be the decision by the US to fight in Europe during WWII. There were many ways to assess whether the danger was worthwhile or not, but it should not be an action taken out of consideration of options, but rather an act done out of pure necessity.