In the wake of massive amounts of college graduates in default or struggling to repay their student loan debt, one state has formulated a unique idea for helping college hopefuls. Washington state has proposed a bill in the House that could change the way students fund their college experience.
Pay It Forward
Rep. Larry Seaquist introduced the Pay It Forward bill to the Washington House last week , which outlines a plan to help more students have access to higher education. House Bill 2720 would allow for students to pay for their college tuition after they have graduated in the form of a small, fixed percentage of their future income for up to 25 years, rather than pay tuition up front. “It enables people across a wide spectrum of incomes to simply go to college,” Seaquist says.
In 2013, Oregon legislators passed a bill that ordered a higher education commission to determine if a pilot program would be warranted. There is some divide as to whether this new program would truly solve the student loan debt crisis, but many are hopeful this program could extend the opportunity for education to those who wouldn’t normally be eligible for grants.
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