DETROIT, Sept. 18 (UPI) -- Michigan's Adrian College launched a program to cover the cost of loan payments if graduates don't get a well-paying job after graduation, officials said.
The program at the private college kicks in with next year's freshman class and will include first-year and second-year transfer students, the Detroit Free Press reported Wednesday.
After graduation, if a student makes less than $20,000 a year, the school will cover the student's complete student loan payment until the student earns more than $37,000 a year. If a student earns between $20,000 and $37,000, the school will make loan payments on a sliding scale, the newspaper said.
There is no time limit for the payment plan, but Adrian's payments cap out at $70,000 per student.
"It has become increasingly clear that money and student debt are major hurdles for parents and students to get over as they consider higher education," Adrian President Jeffrey Docking said. "Especially when it comes to a small, private college like Adrian. They are scared away by the sticker price."
"We don't expect a lot of Adrian students to (need) the program upon graduation," he added.