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Plan would make tuition free at Oregon colleges

The Oregon Legislature this week gave its final approval to a bill that might someday allow students to attend public university without paying tuition.

The concept, called Pay It Forward, calls for students to pay a small percentage of their future income into an education fund to support the next generation of students.

The bill that passed unanimously directs the state's Higher Education Coordination Commission to develop a Pay It Forward pilot project for consideration by the 2015 Legislature.

Though the timing was coincidental, the bill won final approval on Monday, the same day that federal student loan interest rates doubled from 3.4 percent to 6.8 percent.

It's expected to be signed this month by Gov. John Kitzhaber.

Bank Rates

Loan Type Graph Rate +/- Last Week
30 Y Fixed Graph 3.99% dw 4.00%  
15 Y Fixed Graph 3.06% dw 3.11%  
30 Y Fixed Jumbo Graph 4.15% dw 4.20%  
5/1 ARM Graph 3.20% -- 3.20%  
5/1 Jumbo ARM Graph 3.48% -- 3.48%  
Loan Type Graph Rate +/- Last Week
$30K HELOC Graph 4.32% up 4.30%  
$50K HELOC Graph 3.98% up 3.96%  
$30K Loan Graph 4.99% -- 4.99%  
$50K Loan Graph 4.34% -- 4.34%  
$75K Loan Graph 4.36% -- 4.36%  
Loan Type Graph Rate +/- Last Week
36 M New Graph 2.93% dw 2.94%  
36 M Used Graph 3.47% dw 3.49%  
48 M New Graph 3.19% dw 3.20%  
48 M Used Graph 2.99% -- 2.99%  
60 M New Graph 3.19% dw 3.20%  
Loan Type Graph Yield +/- Last Week
6 month Graph 0.39% -- 0.39%  
1 yr Graph 0.70% -- 0.70%  
5 yr Graph 1.55% -- 1.55%