Pay It Forward FAQ wrote:
Pay It Forward would create a dedicated fund that would eliminate tuition and debt. Students attend school tuition-free, and then begin contributing a small, fixed percentage into a common education fund. Pay It Forward isn’t paying back a loan, it’s paying forward a guarantee of free higher education to future students.
Pay It Forward is a better deal for students. Under income-based repayment, most students would be paying 10% of their income for 10 years. Under the Pay It Forward system, a graduate with a Bachelor’s would pay 3% of their income into the fund for 20 years (still a shorter time than it takes many graduates to become debt-free).
Pay It Forward is a better deal for students. Under income-based repayment, most students would be paying 10% of their income for 10 years. Under the Pay It Forward system, a graduate with a Bachelor’s would pay 3% of their income into the fund for 20 years (still a shorter time than it takes many graduates to become debt-free).
What do you think?
Would it work and be sustainable?
It would alleviate some of the pressure on low income students to pay for college up front, but assumes, no in fact, it banks on students finding some sort of non-minimum wage paying job.