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07/03/2020 07:49 AM
Pennsylvania State Senate
https://www.legis.state.pa.us/cfdocs/Legis/CSM/showMemoPublic.cfm?chamber=S&SPick=20190&cosponId=30186
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Senate of Pennsylvania
Session of 2019 - 2020 Regular Session

MEMORANDUM

Posted: August 29, 2019 12:34 PM
From: Senator Daylin Leach
To: All Senate members
Subject: "Pay it Forward, Pay it Back" College Loans II
 
Soon I will introduce legislation to create 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 without paying a downpayment. 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.

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.

Please join me in supporting this important legislation.

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