In the Media
Rochester University unveils new loan repayment assistance program for future graduates
Rochester University, located in Rochester Hills, Michigan, has partnered with Ardeo Education Solutions to offer a loan repayment assistance program (LRAP) to all incoming freshmen students beginning in Fall 2020. The program provides a safety-net for students and makes a powerful promise: if income after graduation is modest, the program will help repay federal student, parent PLUS and private alternative loans.
“We are confident in the preparedness of our graduates to enter the workforce, and this program is a way for us to further support student success after graduation,” said RU President Brian Stogner.
The RU pledge is simple for students. Once they are employed after graduation, if they’re not earning at least $45,000 annually, RU provides a way for assistance with repayment of student and Parent PLUS loans. The loan assistance program will be provided at no cost to students or families, and the assistance will continue until the graduates’ incomes rises to $45,000, or until their loans are completely paid off.
“Families and students are mindful of the cost of college and concerned about student loan debt, so they often are reluctant to use student loans to pay for their education,” said RU Vice President Scott Samuels. “We certainly do not feel that an RU education can be measured in dollars alone, but we want to ease concerns over the use of student loans by making a pledge to our new incoming freshmen.”