Oregon students will be debt free!... or will they?Submitted by Zomney on Tue, 07/02/2013 - 14:21
On June 27, Oregon legislators passed a proposal to help alleviate student debt. HB 3472, or "Pay it Forward" was unanimously passed in the Oregon Senate. The pilot program would allow students to attend college without interest and free of debt, right? The progressive program actually requires a binding contract to be signed in section 1 3(b). The contract requires students of four year degrees to pay three percent, and students of two year degrees one and a half percent, of their adjusted gross income for, get this, TWENTY-FOUR YEARS, according to The Contributor.
One Oregon student's comments were as such “As a student who will graduate with over $40,000 in student loan debt, I think that we need creative solutions like Pay It Forward. It will eliminate the initial barrier to attend college, and students won’t be burdened with a crushing debt for the rest of their lives,” said Alexandra Flores-Quilty, a junior. Though you won't be stuck paying the rest of your life, twenty-four years is a loonnggg time.
Read the summary and proposal of HB 3472 here: http://www.leg.state.or.us/13reg/measpdf/hb3400.dir/hb3472.a...
One more important note:
In the official summary summarizing the objectives, the last point is "Declares emergency, effective on passage." Now I'm not a lawyer, so I don't understand technical talk, but maybe some of you can clarify this for me.