Lyon announced Wednesday that it is the first college in Arkansas to offer a loan repayment assistance program, also known as the Lyon Pledge, to all new and incoming students starting this fall.
New and incoming students must sign up before the first day of classes on Aug. 17.
“We want to show our conviction that graduates of Lyon College receive a quality education that prepares them to succeed in the workforce,” President W. Joseph King said in a news release. “The Lyon Pledge is a promise to our students that we can help you repay your student loans if your income is low after graduation.”
The school said the Lyon Pledge can help graduates repay their federal student, parent PLUS and private alternative loans if their annual income after graduation is less than $43,000.
“While we don’t believe the value of a degree from Lyon can be measured in dollars alone,” King said, “we understand that student loans are a barrier to higher education for many families. We want to ease student and parent financial concerns by offering families this financial safety-net.”
Lyon has partnered with Ardeo Education Solutions to offer the Lyon Pledge at no cost to students or families. The assistance will continue until the graduate’s income exceeds $43,000 or until their loans are completely paid off.
In addition to the income requirement, eligible students must have graduated from Lyon College and be working a minimum of 30 hours per week.
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