College in Maryland will pay part of the education loan to its graduates

Фото: Depositphotos

Sometimes sources of repayment of educational loans for students may appear from the most unexpected side. For example, from the educational institution itself.

A small liberal arts college in Washington, located in Chestertown, Maryland, announced that from this year it will begin to pay its graduates the amount for the last semester of education.

The new program will be funded from private donations and will fully cover loan subsidies for the semester, regardless of the amount.

Как stated in high school, in 2016, benefits will affect 119 graduates, and, on average, $ 2630 will be paid for each.

“We want our students to leave college prepared both academically and financially,” said college President Sheila Bair, former chairwoman of the Federal Deposit Insurance Corporation (FDIC).

Innovation will affect only those students who paid federal loans for study (almost two-thirds of the total number of students of Washington College). For those who pay tuition from their own pockets, this program will not be able to cover anything.

To date, the college program, initiated by Sheila Bair, has already collected about $1 million in donations from individuals and organizations. Donors include past alumni, as well as BB&T, TD Bank, Santander, Avant and Blooom.

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