HIGHER ED-PAY IT FORWARD

Creates the Pay It Forward, Pay It Back Act and amends the State Finance Act. Establishes, for 5 academic years, a program to provide loans to 400 eligible students per academic year to attend a public community college or university, to be repaid, in part, according to the income of the student borrowers. Provides that the Department of Revenue shall implement and administer the program. Creates the Pay It Forward, Pay It Back Program Fund as a special fund in the State treasury, with moneys used for the sole purpose of awarding program loans under the Act. Sets forth provisions governing the application process and loan repayment. Requires the Department to submit progress reports to the General Assembly. Effective immediately.