Newberry College unveils new loan repayment promise

Program provides financial safety net for students by helping them repay loans after graduation

NEWBERRY, SC – Newberry College launched a new program designed to give students the freedom to pursue their academic and vocational goals by easing their worries about repayment of student loans after graduation.

After three years of offering the Newberry College Tuition Promise, which guaranteed incoming students their tuition would not increase during their four years of undergraduate study, Newberry College now unveils the innovative Loan Repayment Promise.

The Newberry College Loan Repayment Promise offers a powerful safety net to students and their families by promising to help repay their education loans. If the graduate earns less than $36,000 a year working at least 30 hours per week after graduation, Newberry College will help repay their student loans until they reach that salary.

Newberry College is the first higher education institution in South Carolina to offer this innovative type of loan repayment assistance. The program will be provided at no cost to all incoming freshmen and transfer students beginning with the Fall 2016 semester.

“The Loan Repayment Promise demonstrates our belief in the value of a Newberry College education and our commitment to helping students pursue the career or vocation of their dreams,” said Newberry College president Dr. Maurice Scherrens.

How It Works

• Incoming freshmen and transfer students with at least two academic years remaining until graduation are automatically enrolled in the program at no additional cost.
• Students must graduate from Newberry College and be employed at least 30 hours per week.
• The level of repayment assistance is determined by the graduate’s income. If the graduate earns less than the lower threshold income of $20,000, they are eligible for full reimbursement. As income increases to the upper threshold income of $36,000, the benefit is adjusted accordingly.
• Assistance continues under the Loan Repayment Promise program until the graduate’s income surpasses the upper income threshold or the loans are repaid.

U.S. News and World Report recognized Newberry College as a “Least Student Debt” college in the South in its 2015 rankings report. Newberry also was recognized as a private college worth the investment in the book, “Is College Worth It?” by former U.S. Secretary of Education William J. Bennett.

For more information, visit www.newberry.edu/WePromise.