Spring Arbor Offers Money Back if Grads Don't Earn Enough - WLNS TV 6 Lansing - Jackson | Your Local News Leader

Spring Arbor Offers Money Back if Grads Don't Earn Enough

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JACKSON, Mich. (WLNS) - Spring Arbor University will offer every first year student this fall be enrolled in their loan repayment assistance program (LRap). The university will guarantee student loan payments for grads who earn below a certain amount.

Spring Arbor President Dr. Charles Webb says Spring Arbor's one of two universities in the country doing it.

"The loan repayment assistance plan takes out the fear of the student who is beginning their educational journey to get their bachelor of arts degree at our university," said Dr. Webb.

Four out of 10 of Spring Arbor students receive grant money. While the $22,000 tuition pricetag is $7,000 below below the average for a private institution, the shaky job market and a mountains of student loan debt could be detering young people from heading to any college.

LRap is similar to federal repayment plans, in that it takes into account a graduate's income. Covered graduates working at least 30 hours a week earning $37,000 a year or less will be reimbursed all or a portion of loan payments on a quarterly basis

"Enables them to live a quality of life and to move in and out of markets. We don't only want to train them for their first job, we want to train them for their last job," said Dr. Webb. "What you want every student to do is say, 'Yes, I can have an education.'"

Besides that, Webb says he hopes the plan allows students to follow their hearts and not their wallets.

The plan will cost the university $1,200 per student per year. Webb says he expects that with the LRap guarantee,more students will complete their degrees at Spring Arbor, which will help defray the cost.

The university has kept its yearly tuition increase in line with the national average for private universities.

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