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Spring Arbor University First in Michigan to Guarantee Educational Loan Payback Assistance
New program repays loans for graduates with insufficient incomes
SAU is the only university in Michigan to offer the Loan Repayment Assistance Program (LRAP), and its fall 2013 incoming freshmen will be automatically enrolled. LRAP guarantees that students and their parents will receive help in repaying educational loans following graduation if their income does not meet pre-established program benchmarks.
Made available through the Loan Repayment Assistance Foundation, LRAP is available to SAU graduates at no cost. Any loan assistance provided will continue until the individual’s income rises to a level of financial sufficiency as determined by program guidelines or until loans are completely paid off.
Students receive a letter from the LRAP Foundation specifying the lower and upper income thresholds that determine how much assistance they will receive at the time of enrollment. Any graduate enrolled in the program must graduate from SAU and be employed at least 30 hours a week.
“In a time of growing uncertainty about the job market for college graduates, we wanted to provide our students and their families with peace of mind,” said Dr. Charles Webb, president of Spring Arbor University. “We feel our agreement with the LRAP Foundation is a true value-add and a safeguard to higher education.”
Adds Matt Osborne, vice president for enrollment, “LRAP empowers students and provides them with the confidence and stability needed to critically participate in the world as they follow their dreams and strive to live with purpose.”
For more information about Spring Arbor University and LRAP, please visit www.Arbor.Edu.
Founded in 1873, Spring Arbor University (SAU) is a Christian liberal arts institution with its main campus in Spring Arbor near Jackson, Michigan. The University delivers a lifetime of benefits associated with a Christian college education to its more than 4,000 enrolled students and provides an excellent return on investment. More than 70 undergraduate majors and programs, seven degree-completion, two associate, and eight graduate programs are available online and at 18 locations across Michigan and Ohio. For more information, visit www.Arbor.Edu.