Good for bloated administrations too.
Posted on 07/05/2013 8:02:02 AM PDT by Kid Shelleen
The Oregon state legislature unanimously approved a plan to provide free tuition to students while they attend community college and public university. In return, they'll pay back the state with a percentage of their incomes after graduation.
Called "Pay it Forward, Pay it Back," the plan passed unanimously in Oregon's Senate on Monday and in the House the previous week. The state's Higher Education Coordinating Commission will next develop a pilot program and in 2015 lawmakers will decide whether to implement the program.
(Excerpt) Read more at abcnews.go.com ...
“This is what thinking outside of the box looks like.”
No...this is what paying off the plantation owner professors looks like. Can’t have the Massahs going without their new BMWs.
Ummm.....who pays for the university costs until they start paying it back? Oh......the taxpayers. What a great idea.
Exactly. I paid off my debt, and I don’t owe anything to anybody. With this plan I’d be their slave for life.
Sounds like a plan they would have used in the old Soviet Union.
Excellent observations. Suppose someone moves out-of-state or out of the country. How does the state of Oregon enforce this law?
I am sure that in a few years when the “artists”, social workers, and so forth complain about the tremendous burden that has been placed on them, the law will be changed and limited to say the first 10 or 15 years after you graduate
and then the debt is forgiven.
College administrators are boomers. This is a way to indenture young people forever while ensuring your pension gets paid.
It won’t change at least while Boomers are in power.
Good for bloated administrations too.
When I was in grade school, we were taught about the horrors of indentured servitude. This is different... how?
The Oregon student moves to another state after graduation. The state of Oregon has no jurisdiction to impose a percentage tax on income earned outside of Oregon.
People could move?
When the government sets itself up as God, it should be entitled to a tithe, right?
both for the duration of 20 years after graduation.
a “student loan” by an another name
and how will the state fund a kids schooling before they graduate and start to pay it back - raise taxes and borrow (’cause any ‘revenue’ they assign to this will not remain restricted to this and will not achieve predicted levels for it) - and then how many students will “default” - move out of state and not “pay it back”
a disaster waiting to happen
limited merit scholarships for economicly challenged but meritorious students is a preferrable objective over “pay it back later”
they’re mad
“Essentially what it does is allows you not to carry a debt load,” Dudley said. “It’s not a debt that you graduate with — your debt-to-credit ratio is not mucked up and you can participate in the economy, which is a novel thought.”
when applying for a loan, that contract and the % of income the person is required (one hopes, required by Oregon law) to pay, WILL BE RATED as a debt obligation by credit rating agencies - whether or not the promotors call it a loan
and if the lawmakers do not permit the students the right to go get a real loan and pay off the “tuition contract” at once, getting the 30 year obligation moved down to a five or ten year obligation, then it should be rejected, because for many students removing that burden from their income sooner rather than later could be a good move, even if interest is added
I did two tours of duty in college. The first I paid $42.00 per credit hour for a state college. I had that sucker paid off the moment I signed up for my classes. Granted we ate beans but we had no debt.
The second time, in 2004, I decided to go to a private college and even though I got a half-tutition I ended up owing about $48,000. I am aggressively working to pay it off.
Loan sharks is right. We have to put up with any "adjustments" because they got us by the nads.
Since the repayment for free tuition is a percentage of income, this program encourages low paying careers over higher paying ones.
only partially correct
what it really does is encourage the successful to move.
hard to believe even a rat could be stupid enough to implement
something this thoughtless.
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