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09/15/2019 09:07 AM
Pennsylvania State Senate
https://www.legis.state.pa.us/cfdocs/Legis/CSM/showMemoPublic.cfm?chamber=S&SPick=20190&cosponId=27371
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Senate of Pennsylvania
Session of 2019 - 2020 Regular Session

MEMORANDUM

Posted: January 3, 2019 03:58 PM
From: Senator Daylin Leach
To: All Senate members
Subject: "Pay it Forward, Pay it Back" College Loans
 
Soon I will re-introduce the "Pay it Forward, Pay it Back" plan (PFPB). 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.

According to the Institute for College Access & Success, 67% of Pennsylvanians who graduated from college in 2017 did so with student debt, and the average amount of their debt was $36,854. Both 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.

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.

This bill was known as Senate Bill 245 during the 2017-2018 session. It was cosponsored by Senators Greenleaf, Yudichak, Brewster, Haywood, Schwank, Hughes and Costa.

Please join me in supporting this important legislation.

If you have questions about this legislation, please don’t hesitate to contact me.



Introduced as SB183