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Bo102010 comments on Defeating Ugh Fields In Practice - Less Wrong
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Hell, you could even use this as a replacement for merit-based partial subsidies (though not for fully free education). Everybody pays 1000 at the beginning of the academic year, then over time they 'earn' back a percentage proportional to their grades, eg. 60% or so for a straight-A student.
I like this idea too, but I suspect it would be quickly hijacked - it's easier to bug your instructor until she lets you have a better grade than to study. Ask most "tough graders" how their student reviews compare to "easy graders."
I always hated those assessments that weren't marked anonymously!