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!
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