Jul 23 2013
Oregon Passes Radical Alternative To Student Debt – “Pay it Forward”
Even as the US Senate this week appears ready to pass a bill pegging student loan interest rates to financial markets, some states are taking it upon themselves to regulate how student loans function. Oregon has made waves with its radical approach the state calls “Pay it Forward.”
Pushed in part by the activist group, Working Families Party, the bill which is awaiting Governor John Kitzhaber’s signature, would enable students to pay nothing while in school. Upon graduation, students would be expected to pay 3 percent of their incomes for up to 20 years toward the loans of future students.
What’s considered radical about the bill is that it completely eliminates the role of big banks. In addition to how the bill can help eliminate student debt, how the bill came to be written and passed is in and of itself a fascinating story of how grassroots change can happen.
GUEST: Sami Alloy, Campaign Manager for the Oregon Working Families Party
Click here to visit the Oregon Working Families Party website.
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