Michigan Democrats Propose Interest-Free Loans Paid Back with Future Earnings
A $2-million pilot program would fund 200 students. Slots would be split evenly between four-year universities and community colleges
LANSING -- Democratic lawmakers in the Michigan Legislature put forward a proposal Tuesday to take the state's college students out of the student loan market. The "Pay It Forward" would give in-state students interest-free loans for college in exchange for a commitment to pay back 4 percent of salaries for up to 25 years after graduation.