In Oregon, a novel—and welcome—way to fund college

Tim Goral's picture
Monday, July 8, 2013

America, 1776. America, 2013. When you compare those periods, you see that our country's greatest strength is "continuous improvement" -- that is, our ability to solve problems within our constitutional framework.

And just in time for the July 4 weekend comes news of another problem that's starting to yield -- namely, the problem of student loan debt.

"As lawmakers in Washington remain at loggerheads over the student-debt crisis, Oregon's legislature is moving ahead with a plan to enable students to attend state schools with no money down," The Wall Street Journal reported.

"In return, under one proposal, the students would agree to pay into a special fund 3 percent of their salaries annually for 24 years.

"The plan, called 'Pay it Forward, Pay it Back,' would create a fund that students would draw from and eventually pay into — potentially bypassing traditional education lenders and the interest rates they charge."

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