The land of higher education teeters on the brink, as a winter of student debt threatens to sweep down upon it from a white wall of loans. Yet hope endures, for a “Stark” contrast has emerged: Pay It Forward.
Today, 7 in 10 students are graduating with an average $29,400 in debt, making them less likely to own homes, buy cars, graduate with a STEM degree, and spur economic growth.
EOI’s Pay It Forward plan offers no upfront tuition while attending college – instead, students contribute a small percentage of post-college income, so they graduate with a degree and less debt.
It would work on top of other financial aid rewards and scholarships to cover the full cost of tuition. Students contribute 1% of their annual income for each year of college attendance, for 20 years. That’s just $89 a month for an recent graduate with a Bachelor’s degree, or $23 a month for someone with an Associate degree. And the contributions go to a state trust fund to pay for the next cohort of students.
More To Read
July 14, 2022
We're switching things up! Join EOI for a unique evening of learning, collaboration, and fun!
July 8, 2022
Tell your representative to act now to prevent sharp price increases and loss of coverage for 14 million Americans
June 30, 2022
Family isn't one-size-fits-all - work-family laws shouldn't be either