Niche College Scholarship

Scholarships.com Blog

search

For Some, "Pay it Forward" A Step Backward

For Some, "Pay it Forward" A Step Backward
8/22/2013
|
Kevin Ladd
Dreamed-up in Portland Oregon and soon lauded in New Jersey, Washington, Ohio and elsewhere, the "Pay it Forward" plan could cost some folks more than simply taking out loans at 6.8%. With the plan calling for approximately $9B in start-up funds and requiring college grads to pay 3% of their income for the 24 years following graduation, only those making below a certain amount would benefit. Certainly, it would be great in the beginning and sounds easier than securing loans, but anybody looking at the big picture and planning to earn over $55K per year upon graduation should probably consider a more traditional path. As always, we recommend finding as many scholarships as possible to keep student loans to a minimum. Free money is better than either of the aforementioned options!
Related
We make it simple and match you to college scholarships you qualify for.