Wilson College is offering students something unique: a chance to lower their debt by getting good grades.
The college will pay up to $10,000 toward a student's federal Stafford Loan debt if the student earns a certain GPA.
“It is definitely a win-win because it gives us the opportunity to really market ourselves to a broader population of students, and it gives them a chance to come here and really make this an affordable experience,” Wilson College President Barbara Mystick said.
The debt buyback program will be available to students entering in fall 2014. To qualify, they must be a first-time college student and earn a diploma in four years or less of continuous, full-time enrollment at Wilson College.
Students who achieve a GPA of 3.9 or higher would see their student loan debt reduced by $10,000, while a GPA of 3.7 to 3.89 would lower the loan by $7,500 and a GPA of 3.5 to 3.69 would cut the cost of the college education by $5,000.
“I think it's a great way to help us push further for our academics and help us keep our GPA up, because sometimes we have down years,” student Morgan Lindsay said. “It's also great to have support with the loans that you have because it's hard to pay them back right after college.”
In addition to creating the debt buyback plan, Wilson's trustees voted to reduce tuition by $5,000, or 17 percent, to $23,745 in the 2014-15 academic year.