If you’re like most other Americans, chances are you struggle with asset management, with saving
money, and with financial matters in general. One of the biggest financial
challenges facing Americans today is paying for their children’s college
educations. Fortunately, for Oregon residents, asset management, at least as it
relates to saving for college, just got a whole lot easier! The state recently
passed a bill that allows Oregon residents to attend college without taking out
a traditional loan. Instead, these students agree to pay back their college
costs through future earnings made once they have graduated and found a job.
While some people might consider this a risky move for
Oregon, it’s also a smart one in some ways. After all, studies show that those
who graduate from college often earn as much as 84% more money in their
lifetimes than those who simply graduate from high school. The bill requires students to pay back a
percentage of their future incomes, so the more they earn, the more the
government gets back.
Unfortunately, this non-standard type of “loan” isn’t
available everywhere. In fact, Oregon is the first and only state to pass such
a bill, but the hope is that other states will see the benefits and start
following suit. If more states introduced and passed such a bill, more students
would be able to attend college and qualify for high-earning jobs, which could
give the United States the economic boost it so desperately needs. Naperville
residents may not have access to these types of loans just yet, but there are
certain financial institutions that offer private loans or agreements similar
to the option described here.
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