Under the program, Keystone graduates working at least 30 hours per week and earning less than $40,000 per year will receive loan repayment assistance based on their annual income. The loan assistance will be determined proportionately by the income of the individual graduate up to a maximum threshold of $40,000.
For example, students with an annual income of $20,000 or less will receive 100 percent reimbursement on their quarterly loan payments. Students earning $30,000, which is half-way between the $20,000 and $40,000 thresholds, will receive 50 percent reimbursement on their quarterly loan payments. The program covers federal, private, and Parent Plus loans. Repayment assistance continues until the graduate's income rises above the $40,000 threshold or until the loans are completely paid off.
The goal of the Keystone Commitment is to relieve the pressure of potential loan debt students often feel when selecting a college and a major. The Keystone Commitment helps ease that burden so students can choose the career which is best for them. The Keystone program is offered in conjunction with the Loan Repayment Assistance Program Association, based in Bloomington, Ind. (www.lrap.org).
"Students will now have more incentive to pursue the career they love without having to worry about paying the full amount of their loans within months of graduation," said Keystone Vice President for Enrollment and Marketing Janine Becker, Ph.D.
While the concept of a guaranteed loan repayment program is innovative among undergraduate schools, the concept began more than 25 years ago at Ivy League law schools.
The Keystone Commitment Loan Repayment Assistance Program complements the college's Keystone Promise, which pledges that graduates will be accepted into a graduate program or receive at least one job offer within six months of graduation.
For information on the Keystone Commitment, visit www.keystone.edu/lrap. Located 15 minutes from Scranton, Pa. and two hours from New York City and Philadelphia, Keystone is known for small class sizes and individual attention.
Contact: Fran Calpin (570) 945-8170; (570) 690-1875 (cell); firstname.lastname@example.org
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SOURCE Keystone College