Pennsylvania Governor Tom Wolf says he wants to solve the student loan debt crisis.
During a press conference on Wednesday, the governor said the Nellie Bly Scholarship Program would help 44,000 students at the state's 14 universities afford college with need-based financial assistance.
"Our country has a student loan debt crisis and it's a burden that lasts for years and holds young people back from starting a family, buying a home and saving for retirement," said Gov. Wolf. "I am proposing the Nellie Bly Scholarship Program to help college students build lives in their communities rather than struggling to pay student loan bills every month."
The Wolf administration says the scholarship covers the cost of tuition and other fees not traditionally covered through state and Pell grants.
Recipients of the scholarship must then remain in Pennsylvania after they graduate for the same number of years that they received the benefit. If they do not, that scholarship then becomes a loan.
The administration says funding for the scholarship would come from repurposing nearly $200 million in slot machine funds normally earmarked for the Pennsylvania Race Horse Development Trust Fund.
