Pasadena, California – Providence Christian College will offer first-time freshmen, who enroll in Spring or Fall of 2016, a safety net in their decision to attend college and will guarantee to help them pay back their student loans as they launch their careers after graduation, if needed.
The new program is called The Providence Promise: Loan Repayment Assistance Program. And Providence is providing this program at no additional cost to students or their families.
“At Providence, we are so confident in our Christian liberal arts degree and all that it provides our graduates for future success in every area of their lives that we are offering to help them pay back their college loans after graduation, if needed,” said Providence President Dr. Jim Belcher. “We are striving to make college education more available and committed to providing a Providence education far into the future.”
Providence will work with the Loan Repayment Assistance Plan or LRAP Foundation to provide students with this repayment guarantee to empower students to enroll, retain, and graduate from their first-choice educational institution.
Reimbursement from the program is determined by income level and goes into effect if annual salaries of graduates are below $37,000. If a graduate earns less than $20,000 per year they will receive full reimbursement; otherwise, loan repayment assistant will be provided on a sliding scale up to $36,000.
All first-time freshmen at Providence will 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 student loans.
“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,” added Dr. Belcher. “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.”
Dr. Belcher added that the purpose of the program is to free students to pursue their vocational calling without the burden of debt dictating their field of study during college or their career path after graduation.
To qualify, students must graduate from Providence and be employed at least 3/4 time to be eligible. Additional details on the program include the following and can be found at: www.providencecc.edu/admissions/financial-aid/loans/providence-promise/
- 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 ($37,000), 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.