Mon November 18, 2013
Area College Offers Loan Repayments For Graduates
An area college says it's the first in the eastern U.S. to offer students assistance in repaying their school loans.
Starting in the next academic year, Houghton College will offer incoming freshmen reimbursement for their student loans if they earn less than $38,007 a year, according to associate director of admissions Ryan Spear. “If they make between $20,000 and $38,000 a year they’ll receive repayment on a scale. If they make below $20,000 it will be 100 percent. If they make anywhere in the middle, it will be around 50 percent. As they make closer and closer to $38,000 it will be a percentage of that income.”
Spear says the loan repayment program fits the mission of the college.
To qualify for the program, students must meet some basic requirements, including U.S. citizenship and employment at a job averaging at least 30 hours a week after graduation.