The loan gods have granted students mercy!
Well, not quite. But, a local university is stepping in to provide some much need relief for their students.
Spring Arbor University has announced a new loan repayment assistance program that will help students if they cannot find steady employment after graduation. The program will be available to incoming students beginning in Fall 2013.
For most graduates, the biggest dilemma they face is a struggle to find a job and repay their loans. An economic reality defined by a poor job market and mounting student debt provides a perfect recipe for discouragement when it comes to completing one’s degree. The small liberal arts college’s new plan promises to bring much needed solace to the situation.
Students who enrollment in the program must agree to work at least 30 hours per week. Provided that their incomes do not exceed an established benchmark, they will receive assistance until they make more money or the loan is paid off.
The university’s announcement is a glimmer of hope in a struggling economy that continues to witness rising unemployment among the country’s millennial group. More and more Americans ages 18-29 are having a difficult time finding work. In most cases, the work they do find is considerably below their skill level. Add the weight of loan repayment to the mix, and it only makes matters worse.
Spring Arbor’s decision is sure to be a major step in increasing its enrollment. It’s safe to say that other colleges and universities might want to follow suit. Students need to know that their schools care about their wellbeing, both in and out of the classroom. The mission of most institutions of higher education says they intend to prepare graduates with the skills necessary to become exemplary citizens in our community. It’s great to see that one school understands its students might need an extra push in helping to achieve that end.
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