To the Editor:
A “pioneering education initiative” is how Jack Franks’ House Bill 1311 – his legislation filed Feb. 2 in Springfield to “revolutionize” the way students pay for college – has been sensationalized.
This Ponzi scheme, also known as “Pay it Forward, Pay it Back,” will do nothing to stop ballooning tuition rates. Instead, it will add more paid bureaucrats, allow college institutions to raise tuition prices at even greater rates, and create more perpetual students who continue education to defer repaying their loans.
HB 1311 also will force taxpayers to pay the up-front tuition costs with absolutely no guarantees of repayment. Funding sources for the program are not actually written in HB 1311; Pennsylvania’s program was to be obtained through a 5 percent natural gas severance tax.
In its March 24, 2014, edition, the Northwest Herald published my letter criticizing Franks’ House Bill 5323, authorizing the Illinois Student Assistance Commission to undertake a study to determine the practical and fiscal impacts of adopting the Pay it Forward Program. My letter stated the obvious “outcome” the study would provide, given ISAC’s mission statement and promotion of fiscal irresponsibility. No details or findings of the said study (which was to be conducted on similar programs within the 50 states) were available on Franks’ or ISAC’s website as of Feb. 5.