Corban University, a small private school in Oregon, recently announced a student loan repayment program called the Corban Promise, which will help pay the loans of graduates making below a certain income level.
Starting in the fall of 2014, freshmen and transfer students with at least two years of study to complete will be eligible for the program. The school’s website says students with loans automatically qualify for repayment; no extra paperwork is required.
The structure seems quite similar to a program announced at Adrian College in Michigan last month. Upon graduation, students who work at least 30 hours a week and make less than $37,000 will receive loan-payment assistance from the university on a sliding scale. The less they make, the more the institution helps. Students with a salary of less than $20,000 qualify for complete loan reimbursement by Corban. Federal and private student loans qualify for the program.
“It’s every college student’s dream to land a meaningful job after graduation, one that utilizes their strengths and education,” said University President Sheldon C. Nord, in an online announcement of the program. “Repaying student loans adds significant pressure, and we want to provide our students and families with peace of mind. The Corban Promise will help ensure that our graduates are able to pursue their call.”
For the 2013 to 2014 academic year, annual tuition and fees at Corban amount to $36,036.
Formerly Western Baptist Bible College, the school was founded in 1935 in Arizona. Now located in Salem, Ore., about 1,100 students are enrolled in the university’s 50 areas of study in professional, ministry and liberal arts programs.
According to Corban’s website, admission requirements include demonstrating “a personal relationship with Jesus Christ. All Applicants must submit a personal and pastoral reference form.” Academically, students much have at least a 900 SAT or 19 ACT score and a high school GPA of 2.7, which are below the national averages.