Michigan legislative action thread
Posted on 09/25/2013 12:59:15 PM PDT by grundle
A small liberal arts college in southern Michigan said it will pay student loans for graduates who can’t find a job or don’t make enough money.
Adrian College announced its new program, dubbed AdrianPlus, on Sept. 13, saying next year’s freshmen and transfer students will be eligible for free loan assistance upon graduation, given a few conditions:
Adrian College will cover the monthly loan payments for graduates who earn $20,000 or less.
Graduates with incomes above $37,000 will pay their own student loans.
For those earning between $20,000 and $37,000, the college will help pay their loans on a sliding scale, based on income.
Loan assistance continues until the debt has been paid off or the graduate reaches a salary of more than $37,000.
(Excerpt) Read more at finance.yahoo.com ...
So when they file for bankruptcy and shut the doors, will their laid-offed professors continue to cover the costs?
About the only kinds of schools that can reliably place grads in the positions they started for are tech schools. When I went to a tech school in the seventies, the director of placement (or whatever his title was) claimed they placed over 90% of their grads. Liberal arts institutions are probably lucky to place 50% of their grads in the first five years. And I might be overly inflating that number.
How ‘bout a stipulation that they graduate in 4 years?
Have not read the details, but usually the fine print will say that while the college makes payments for you, you still owe the entire debt plus interest to the college—they are not assuming your debt.
As a graduate of Alma (an MIAA school) married to graduate of Albion (an MIAA school) I say...
good on you Adrian! Make the other mini-universities pony up!
What a farce.
Hey, where do I sign up? Get a free education and move back into mom’s basement until the loans are paid off. What’s better than that!
My son is planning on attending a small engineering college in Maryland (where we had to move after getting blown away by Jenny Grandstand) They promise a job in your field at a competitive salary within 90 days or up to 36 additional credit hours to continue education and job search.
Forgot, it’s time to change my tagline
“Graduates with incomes above $37,000 will pay their own student loans. “
In other words, pay us $100,000 then go get a $42k total income job serving coffee and you’re on your own.
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