Educational Assistance Plan
Over the past four years, student debt rose 6 percent, with the average student now graduating with loans totaling $29,400. With rising tuition, excessive borrowing has become the norm – students have been conditioned to finance their educational futures with little understanding of what the debt will eventually feel like. We have implemented a plan specifically to help students pay down their student loans.
Students with federal and/or private education loans will be a part of the USLI College Help Qualified Educational Assistance Plan. These students will receive an hourly wage of $12.00. Additionally, students will earn $3.25 per hour worked satisfactorily in the form of a qualified educational assistance grant, up to $5,250 each calendar year. This money is exempt from federal income tax and federal withholdings when applied to qualified educational expenses. State and local taxes still apply and will be withheld for the student by USLI’s Accounting Team.
The educational assistance grant will be remitted directly to the college or university on a semester basis. The grant must be used to limit or reduce federal and/or private education loans by application to tuition, fees or loan balances. The grant cannot be applied to room and board, or any other type of meal plan, transportation costs or living expenses.
For example, if you work the maximum amount of hours (29) per week and given a 15-week semester you can expect to earn up to $1400 (exact 1413.75) per semester to be applied to reduce federal and/or private education loans. For both the fall and spring semester at this rate you can expect to earn up to $2800 (exact 2827.50)!**
**Please note this is just an estimate. These calculations must be based on your weekly amount of hours and the amount of weeks that are considered in a semester.
This plan is mandatory for any student who has federal or private loans. We will direct a portion of the student’s earning toward paying down this debt.