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

Tim Goral's picture

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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