I’d have to see the details, but this seems so much better than the current system of rapidly increasing tuition and crushing student loans. If there is a range of options for students from paying it all at once to spreading the costs over a defined time range, I don’t see why this wouldn’t be in everyone’s best interest. As long as they start slowly by increasing the number of students so that there isn’t an extreme shock to the state’s finances, then this is an ingenious way to finance education without breaking the backs of its students.
(CNN) – A bill currently awaiting Oregon Gov. John Kitzhaber’s signature could radically change the way in-state public university students pay their way through college.
Passed unanimously by the Democrat-controlled state Senate Monday after it had already cleared the also Democrat-controlled House, the bill would create a program called “Pay Forward, Pay Back” by which students wouldn’t pay a dime at the time of study at any public institution for higher education in Oregon. Instead, students who qualify as Oregon residents would sign a binding contract that would require they pay a percentage of their post-college income back to the state every year for up to 24 years.
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