A small, non-profit college has launched an innovative initiative during an era in which graduates at many colleges and universities -- particularly for-profit institutions -- finish school with crushing debt and no job prospects.
Adrian College, a liberal arts college with 1,700 students located in Adrian, Michigan, is promising incoming students that they will either earn $37,000 per year following graduation or receive student loan relief.  The program is being paid for by the college through the purchase of insurance policies.
According to a report from the Associated Press, "Adrian paid roughly $575,000 this year, or $1,165 per student, to take out policies on 495 students. For those who graduate and get a job that pays less than $20,000 a year, the college will make full monthly student loan payments until they make $37,000 a year. With a job that pays $20,000 to $37,000, the college will make payments on a sliding scale. There’s no time limit for the payment plan, but the college caps total loan payments at $70,000 per student. Adrian’s annual cost of tuition, room and board is about $40,000 before any forms of financial aid."



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