Oregon is close to passing a bill that would eliminate student debt for public universities and colleges - all that’s left to do is sign it.
The Pay it Forward program would allow students to attend public colleges FOR FREE - and then pay back according to a percentage of their income over 24 years (3% for graduates of 4-year programs).
Initially, the plan would require start-up funding until the first few generations of students graduate and find jobs. But once they’re able to begin paying into the system, the proposal would create a stable funding stream for Oregon’s public higher education, and could serve as a model for other states looking to solve the problem of long-term student loan debt.
The program would be implemented in 2015.