All I am saying is that there is a need for a debenture based system. What is wrong is when they're mandatory and expensive
Agree - if I were in charge there would only be corporate debentures. If individual debentures are needed they should be at least 80% refundable. And refundable means just that - not the convoluted terms where it's actually the school "reselling" your debenture to a new family and taking a massive cut as an "admin fee."
Annual capital levies if charged must be regulated as tuition fees are so that they cannot rise more than x% per year. Otherwise it's impossible for families to budget for school year to year.