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So, you want to establish a scholarship program to allow students in "failing" schools to attend another school? What happens when all of the students in the failing school go to another school and it becomes a failure too? For heavens sake, why not work to provide resources that will help the failing school make the grade rather than moving students out. After all, it isn't the structure that's causing the failure!
That is not the real risk of charter schools. The real risk is the student who can leave (less economically disadvantaged) will normally take the higher test scores with them. Thus leave an underperforming school in almost certain failure. To allow charter schools, they should be required to have the same demographics as all public schools; not be able to selectively choose their students.