Tuesday, September 8, 2015

Denver May Be First City to Do Something About Runaway College Debt - MALCOLM BURNLEY, Next City

A looming ballot initiative in Denver stands to reverse the growing student debt trend and create a municipal-controlled fund for higher ed scholarships. It would be paid for through a sales tax bump equivalent to adding 8 cents onto every $100 purchase and is expected to raise $10 million per year. A new nonprofit, run by the city, would distribute the funds to qualifying students by supporting scholarship organizations or paying off students’ debts. No student could receive more than a cumulative $4,000 in these indirect funds per year. According to members of the task force who wrote the proposal, if Denver voters approve, it’d be the first time any city has charged excise to go toward funding four-year college opportunities. (A couple hours south in Colorado, Pueblo County commissioners are also mulling a marijuana tax to fund a college scholarship program.) https://nextcity.org/daily/entry/college-debt-high-tuition-help-denver-sales-tax

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