A small liberal arts school in Michigan is doing its part to soften the student loan blow by promising to help repay loans for graduates facing obstacles in the job market.
Spring Arbor University, a Christian school of 4,000 students about two hours west of Detroit, is launching a program that "guarantees that students and their parents get help in repaying loans if a graduate's income fails to meet certain benchmarks," reports
the local press. The catch: students must be working at least 30 hours per week to qualify.
Spring Arbor University President Charles Webb hopes the plan will provide students as well as parents "peace of mind" in a job market particularly rough
for folks in their twenties.
The plan would appear to lack one potentially fruitful idea floated by Florida Gov. Rick Scott last year: linking loan costs - or in this case, loan help - to the employment rates associated with certain majors. As Newser described
it, "Anthropology majors...may pay higher tuition than science majors."
Via clickondetroit.com and Newser