Spring Arbor U helping with student loans

Creekland
Mon, 11 Feb 2013 12:15:00 +0000

Saw this story and wondered if it will catch on…

Michigan university (Spring Arbor U) to help struggling graduates repay student loans

[Michigan university to help struggling graduates repay student loans | Fox News](Michigan university to help struggling graduates repay student loans | Fox News)

“The program guarantees that students and their parents get help in repaying loans if a graduate’s income fails to meet what the school calls an “upper-income threshold” of $37,000 annually.
Graduates who make less than $20,000 a year will be reimbursed for the entire amount of their student loans. The graduate’s benefit will be decreased proportionately as they approach the $37,000 threshold. The assistance continues until the graduate’s income rises past $37,000 or the loan is paid off.
The school says it will cover federal students loans, private alternative loans and parent PLUS loans.
Enrollment in the program is free, but graduates must work at least 30 hours per week after graduating to be eligible.”

A new way to attract students? How long can their money hold out? How many students would need it?