Lawmakers in Oregon are currently exploring a college payment plan that would initially allow in-state students to attend state schools for free, The Wall Street Journal reports.
The Associated Press recently reported that in-state students at Oregon’s public universities will pay an average of 5% more next year due to tuition increases.
Under the plan — titled “Pay it Forward, Pay it Back” — students would annually give the state 3% of their salary for 24 years. The Journal quotes an estimate that would have students paying $800 their first year out of college and around $2,000 20 years after graduating.
The final four years of payment would give Oregon an extra $7,400 per student — the “Pay it Forward” part of the plan.
Students from Portland State University first pitched the idea to the Oregon state government, according to the Journal. As the Journal points out, the “Pay it Back” program could provide an alternative to college loans and student-debt interest rates.
PSU recently cancelled over 50 courses that were set to be offer this summer in response to a $5.7 million budget cut for the upcoming academic year. The Oregonian reports that many professors were confused by this action, as several of the cancelled courses would have generated a profit for the school.
A bill to create a study committee for “Pay it Forward, Pay it Back” has been passed by both the Oregon House and Senate. The bodies have two years to decide whether to introduce the program, the Journal reports.
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