By Trish Svoboda/Image courtesy McPherson College

In 2017 McPherson College began its Student Debt Project, helping hundreds of working students reduce or avoid student loan debt. Amy Beckman, executive director of career and experiential learning, said the program began after college president Michael Schneider noticed a large number of student loan refund checks sitting unclaimed in the cashier’s office. The checks were from leftover loan money issued to students after tuition, room, and board were paid. That discovery sparked the creation of the Student Debt Project.

“Refund checks are created when students pull out student loans. And after their tuition and room and board have been paid for at the college, whatever is left over from that loan is given back to the student as a refund check. Michael Schneider saw the stack sitting in the cashier’s office and asked what they were, and that’s what inspired the beginning of the Student Debt Project, with a passion to reduce student debt through work, financial literacy, and mentorship,” said Beckman.

The pilot began with six students, and doubled in size the following year. Beckman said now about two thirds of the student body participate in the program. While other institutions offer scholarship based programs and other ways to reduce student debt, McPherson’s program incorporates the three pillars of financial literacy, mentorship, and student work, making the program unique.

Students who enroll in the program will have their earnings paid toward their account matched at $.25 per dollar up to $3,500 per academic year. To report earnings, students upload their pay stubs to an online form, which are reviewed, and from those earnings students receive their $.25 match.

“With the success of this program, we have roughly a quarter of our graduates graduating with no debt. On top of that, another 20% or so that are graduating with $10,000 or less. So a very manageable amount of student loans to handle after graduation,” said Beckman.

Beckman encourages those who are interested in checking out McPherson college and the program to attend Junior Preview Day taking place on May 2, where professors and current students will be available to meet with and interested parties can learn about academic opportunities and financial aid, as well as tour the campus. McPherson is also offering a $5,000 renewable scholarship to high school juniors and seniors who visit the campus and apply.

Junior Preview Day also coincides with the college’s annual Restoration Car Show, a student led and organized car show, which Beckman also encourages visitors to check out. “It’s a really big hit and a great time to come to campus.”

More information on The Student Debt Project and McPherson college, including events and other student opportunities, visit the college’s website.