Michigan university promises money to repay loans if post-graduate paychecks are slim
A small private university in central Michigan is offering to help incoming freshman pay on education loans if their post-graduation income doesn't measure up.
Starting this fall, Spring Arbor University freshmen automatically will be enrolled in a loan repayment assistance program.
The Christian school has 4,000 students and is in Spring Arbor, near Jackson.
The program guarantees that students and their parents get help in repaying loans if a graduate's income fails to meet certain benchmarks. The assistance continues until the graduate's income rises enough or the loan is paid off.
Graduates must work at least 30 hours per week after graduating.
Spring Arbor President Charles Webb says it wants to provide "students and their families with peace of mind" in an uncertain job market.
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