The program is financed through a college endowment fund that began in 2014 with a $2 million donation from the family foundation of alumnus Steven Jaharis. The goal of the fund is to help students who decide to pursue jobs that serve the public good but have lower pay than other careers.
“It’s not a solution for student debt in general, but it’s an incursion on that debt that we’re asking our students to take on,” said Wendy Raymond, Haverford College president.
The first eligible graduates for the program are from the Class of 2019, a quarter of whom had debt averaging $13,657.
Sixteen applied for the program, and 12 were approved. However, the fund only covers loan payments related to Haverford’s financial aid package.
And while $1,500 might not seem like much, to some graduates it means a lot.
“It’s a significant chunk of change at this time,” said Alissa Valentine, one of the recipients.
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