A state Senator from Montgomery County has a plan to help students finance their educations without the burden of traditional loans.
Senator Daylin Leach has introduced a plan he calls “Pay It Forward, Pay It Back.” He says it would set up a fund which would enable any students from Pennsylvania going to a Pennsylvania college or university to qualify to receive money to pay their tuition and other college expenses.
A student would be required to sign a contract in which he or she would agree to a four percent wage garnishment which would begin upon graduation.
Leach says that everyone of these students would be paying back their student loans as soon as they are in the workplace.
Seed funding for the program would come from a temporary severance tax on natural gas extraction in Pennsylvania. Leach stresses it would become self-sufficient as students graduate because their repayments would then help sustain future loans.