LA PLUME TOWNSHIP, LACKAWANNA COUNTY (WBRE/WYOU) – Do you have a high school student who is about to start looking at colleges?
If so, you might be worried about how to pay for it.
Keystone College is starting a new program focused on possible loan forgiveness.
The college is looking to take some of the financial stress out of going to school.
Administrators are launching the “Keystone Commitment.”
It’s a loan repayment assistance program for students who enroll starting next fall and graduate with a four-year degree.
“We really believe in our product and really believe in the education that our students get,” Janine Becker, Keystone College Vice President of Enrollment & Marketing said.
Here is how it works.
Graduates who end up working at least 30 hours per week, but earn less than $40,000/year, will get reimbursed for their student loans based on how much money they make.
The college is working with a third party company, LRap Association, to make the program work.
“The program that they want to do is a good idea. It helps out families,” Dylan Kovaleski of Jermyn said.
Dylan Kovaleski is a senior at Lakeland High School.
As he toured campus Wednesday, the program has really become a talking point.
“I’ve been speaking with many recruits and things like that about it and there’s just such a WOW factor,” Keystone College Cross Country coach Chris Kibler said.
This new loan repayment program is the first of its kind in northeastern Pennsylvania but it has been proven successful at other schools in the midwest and even at Ivy League Law Schools.
Administrators say they hope the program will allow students to pursue their passion like becoming an artist or working for a non-profit, instead of just worrying how they are going to pay back their loans.
“We know a lot of families struggle so we wanted to really help them and help those students do well,” Becker said.
The program will be free to incoming students and include all majors.
Under the program, students who graduate making less than $20,000/year will get a 100-percent reimbursement on their loan payments.
Students making $30,000/year would get a 50-percent reimbursement.