The Providence Promise: Loan Repayment Assistance Plan
Providence Christian College is pleased to work with the LRAP Foundation to provide students with this guarantee of the value of a Providence education.
At Providence, we are so confident in our degree and all that it brings our graduates for future success in every area of their lives that we offer a safety net for college loans after graduation. We are striving to make college education more available and committed to providing a Providence education far into the future.
All first-time freshmen at Providence automatically receive The Providence Promise: Loan Repayment Assistance Program. LRAP will enable students to enroll at Providence, stay in school and graduate on time, and safeguard their educational investment by offering a back-up plan for repayment of educational loans.
According to LRAP’s website, “LRAP empowers students to enroll, retain, and graduate from their first-choice educational institution.” The mission of Providence is to graduate students who will in turn serve their communities to the glory of God and for the service of humanity. In pursuit of that mission, we want to see graduates successfully employed without the unnecessary fear that their income level will not enable them to pay for their college education.
How It Works For Students
You pay nothing. Your award letter from the LRAP Foundation will specify lower and upper income thresholds that will determine how much assistance you receive. You must graduate from Providence and be employed at least 3/4 time — it’s that simple. If your income after graduation is low, you will receive assistance to help you repay your student loans:
- If your income is below the lower income threshold ($20,000), you will receive reimbursement for the entire amount of your loan payments.
- As your income increases to the upper income threshold ($40,000), the benefit is reduced proportionately.
- For example, if your income is halfway between the upper and lower income thresholds, you will receive half of the amount of your loan payments for that year through quarterly reimbursements.
- Assistance will continue until your loans are repaid or your income increases above the upper income threshold.
Find more information about Providence and The Providence Promise here: