Quotes from Wikipedia on "Pay It Forward":
The concept was described by Benjamin Franklin, in a letter to Benjamin Webb dated April 22, 1784:
I do not pretend to give such a Sum; I only lend it to you. When you [...] meet with another honest Man in similar Distress, you must pay me by lending this Sum to him; enjoining him to discharge the Debt by a like operation, when he shall be able, and shall meet with another opportunity. I hope it may thus go thro' many hands, before it meets with a Knave that will stop its Progress. This is a trick of mine for doing a deal of good with a little money.
The mathematician Paul Erdos, in one of his visits to Harvard University, met a promising math student on the verge of expulsion for inability to pay his tuition. Erdos paid the young man's tuition in full. Years later, the man offered to return the entire amount to Erdos, but Erdos insisted that the man rather find another student in his situation, and give the tuition to him.
The Pay It Forward Higher Education Loan is offered to at least one Ajo High School graduating senior each year. Payments of $500 will be made to the account of the student at the accredited college or university for which the student provides proof of enrollment. The payments of $500 will be made for each academic semester, not to exceed $1,000 a year for each accepted candidate. In addition to proof of enrollment, the student must maintain a 2.25 (between C and C+), or higher, grade point average. Payments, as stipulated above, will cease four years after the student graduates from Ajo High School, or sooner if the student drops out of college.
The Pay It Forward Higher Education Loan is defined as a non binding obligation of the student to pay a like amount of money, or services, to another unrelated person for the purpose of helping that person improve his/her lot in life. The Pay-It-Forward obligation is to be passed along with each forward payment.
Each candidate for the Pay-It-Forward Higher Education Loan shall:
Ajo High School graduating seniors interested in the Pay-It-Forward Higher Education Loan should fill out the online application and mention their interest to the school counselor.