New student loan assistance plan for Providence grads

McGavran in springPaying back college loans while working at entry level wages can be a challenge for college graduates. But Providence Christian College is committed to helping its students stay in school and pursue their callings after they graduate without the concern of struggling to pay back student loans.

Providence is the first and only college in California to offer the innovative Loan Repayment Assistance Program (LRAP) program to undergraduate students. Beginning in the fall of 2014, all incoming freshman will be eligible for what is being called the “Providence Promise.”

Through LRAP, the plan not only will enable students to enroll at Providence, remain in school, and graduate on time, but it will also provide a safety net for repayment of educational loans.

Students will receive an award letter from the LRAP Foundation that specifies upper and lower thresholds used to determine amount of assistance. Graduates who are employed at least 30 hours per week, but whose income is low, will receive pro-rated assistance in paying back their student loans. Assistance will continue until the loans are repaid or the graduate’s income increases above the upper income threshold.

The above article by Glenda Mathes appeared on page 27 of the December 11, 2013, issue of Christian Renewal.

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