|Posted:||April 2, 2015 01:42 PM|
|From:||Senator Daylin Leach|
|To:||All Senate members|
|Subject:||The Pay it Forward, Pay it Back Pennsylvania Act – Student Debt Reduction|
|According to the Institute for College Access & Success, 70% of Pennsylvanians who graduated from college in 2011 did so with student debt, the average amount of which was $30,000. Both of these numbers are higher than the national average, and I believe it is time for the legislature to act meaningfully to ensure young Pennsylvanians are not overburdened by debt as they begin their professional careers.
In the near future, I will re-introduce the Pay it Forward, Pay it Back Pennsylvania Plan (PFPB) – prior session SB 1094. PFPB will create a public fund from which qualifying students can draw resources to attend a state university with no money down. After graduating and joining the workforce, participants would, over time, “pay back” the amount borrowed into the fund, interest free, through a small percentage (around 4%) of their monthly salary, eventually making the fund self-sustaining. The initial funding for PFPB will be raised by placing a competitive, temporary severance tax on the extraction of natural gas in Pennsylvania.
If you believe in giving Pennsylvania's students an option other than traditional education lenders, I hope you will join me in sponsoring this legislation.
If you have questions about this legislation, please contact my Legislative Director, Jon Tew, at email@example.com or 610-768-4200.
Introduced as SB741