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Well the total amount of student loans debt in the United States is estimated to be more than one.
Trillion dollars that surpasses even credit card debt.
But some Portland State University students -- organ decided to tackle the issue themselves and now it's their school project designed to help students pay for their state school education and it could actually become a law an -- since joining us now to explain -- gives a former student at Portland State University who helped.
Create the new plant an aerial -- a current student thanks so much for being here.
Thank you know being keep grabbing and Tracy I wanna start -- you can't put this concept as part of a final exam in light of your classes can you describe.
What you were trying to do in finding a new way to finance student loans.
-- -- All of us including -- where part of the initial class student dead economics -- politics and advocacy and through our instructors economics professor Mary king and working families party founder Barbara Dudley.
All created this project to.
It does look research all of -- what history of debt what's going on with that and what we can deal -- find some solutions here in Oregon and one of the solutions that we found was through that.
Economic opportunity institute -- John Burbank his pay it forward plan.
And -- can you explain how that works.
So basically the plan just to get beyond all rubio is essentially it.
Oregon residents would be able to go to known for your public university -- without taking out any debts and to be a -- go to universities tuition free.
And then after they complete their degree they'd agreed to pay a fixed percentage of their adjusted gross income for a set number of years after graduation.
It would go into this fun it would eventually become self sustaining.
And be an option for future students to -- fitness program.
And what a cool things about it is you don't take out a loan you when you get a job you pay back 3%.
Of your salary.
Over the course of thirty years but of course Tracy.
That that would be a lot more money if you end up making a huge salary is that okay -- everybody who came up with a plan.
You know in order to have that.
Huge salary of course Adam I don't know anybody that starts out making huge -- you know when they graduate and leg when he two years old -- in my case you know between -- However you know once and you get that huge salary you wouldn't have any of those tools.
Or that education without public university funding or -- through those teachers either so.
You'd be paying it forward to future students eight that way so.
I think that that you know with all those tools that you would has.
You -- how that without the university education so you'd be paying it forward that way.
Yeah and I mean if you're -- his salary 3% of it going back to you know.
The people who helped fund your education -- sounds worth it will.
Tracy gives an -- -- thanks for sharing it with dust it sounds like you guys came up with a really cool plan it could soon become law.
And you got a great civics lesson in the process.
-- -- didn't -- -- and -- that you didn't thanks so much for excellence can.
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