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BUSINESS Friday 18 January 2019
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3 colleges that help you handle student debt

By TEDDY NYKIEL rowing.
With collective U.S. student Most prominently, the uni-
loan debt nearing $1.5 tril- versity began sending
lion, some colleges are annual letters informing
testing innovative solutions students of the amount
to help reduce student bor- they've borrowed and their
rowing. estimated future month-
Using no-strings-attached ly loan payments. Since
student loan payoff-assis- then, states including Indi-
tance programs, college ana, Nebraska and Florida
loan alternatives and an- have passed laws requiring
nual student debt letters, colleges and universities to
these three universities are disclose similar information
doing their part to curb col- to federal student loan bor-
lege debt. rowers annually.
1. UNIVERSITY OF PITTS- "This is a personalized sum-
BURGH mary of your estimated cur-
The University of Pittsburgh rent student loan indebted-
is offering graduating se- ness," a letter might begin .
niors up to $5,000 in federal A student would then find
student loan relief with one details such as:
request: They pay it for- — Total education loans:
ward. This Jan. 8, 2015, file photo shows a row of chairs with the "Pitt" logo, for the University of Pittsburgh $25,000.
The school's new program, before an NCAA college basketball game in Pittsburgh. — Assumed interest rate:
Panthers Forward, will help Associated Press 6.80 percent.
recent graduates chip — Monthly payment: $287.
away at student debt and loans. his second year of school. the agreement, high-earn- — Cumulative payments:
introduce them to alumni After graduation, the uni- Now, 5.89 percent of the ers could end up paying far $34,524.
mentors to encourage pro- versity will make loan pay- monthly income he earns more than the amount they — Projected interest paid:
fessional development. Stu- ments directly to partici- as a regional pilot goes received and more than $9,524.
dents have no obligation to pants' loan servicers. toward repayment. Hoy- they would have with a The debt letters were one
repay the gift, but the uni- 2. PURDUE UNIVERSITY ler will make payments for student loan. Students can piece of a larger initiative
versity is encouraging re- Purdue University's Back a 104 total months — about use Purdue's Back a Boiler to reduce borrowing; it's
cipients to make financial Boiler income-share agree- eight and a half years — or comparison tool to weigh not clear that the debt let-
contributions to sustain the ment program is an alter- until he has paid back 2.5 the costs of an ISA against ters alone caused Indiana
program. native to private student times the initial amount, or private student loans and University's student borrow-
The university selected 150 loans and parent PLUS $40,000. parent PLUS loans. ing reduction, according to
class of 2019 seniors for the loans. Hoyler, who also has fed- 3. INDIANA UNIVERSITY a 2017 independent report
program's inaugural year, In an income-share agree- eral student loans, says the Student loan borrowing published through Brook-
including history major Cas- ment, or ISA, students get ISA has been "more stream- at Indiana University has ings Economic Studies pro-
sidee Knott. tuition funding in exchange lined and easy to under- dropped 19 percent across gram.
"I like the fact that Pitt was for a fixed percentage of stand." He also has peace all IU campuses from the The initiative also includes
able to acknowledge that their future income for a of mind knowing that he 2011-12 school year to the the university's Mon-
student debt is so outra- set period of time. There's can afford payments even 2017-18 school year, ac- eySmarts program, which
geous and work with stu- a cap on the total amount with entry-level pilot wages. cording to the university. offers financial literacy
dents to help them make they can pay back. But income-share agree- During that period, the ad- education and tools, one-
it less daunting," says Knott, 2017 Purdue graduate ments aren't right for every- ministration has implement- on-one consultations , and
who estimates she has Andrew Hoyler received one. ed a suite of resources and for-credit personal finance
about $100,000 in student $16,000 through an ISA in Depending on the terms of programs to reduce bor- courses .q