The Loanership™ takes the negative experience of an outstanding tuition bill and turns into a positive experience with economic incentives for students to complete their studies and obtain employment.
Loanership reward customers for taking positive steps toward degree completion and future employment. The Loanership begins as a loan, but students can become eligible to apply for a grant or scholarship that can be applied to the PYT Loan by completing their degree and other specified goals tied to academic progress and future employment.
Loanerships are capped at $2,500 and carry a maximum repayment term of 30 months. As the student makes progress toward degree completion, the student is eligible to apply for a grant or scholarship that can be applied to the PYT loan for each benchmark achieved. A student borrower who meets all three benchmarks will have their outstanding tuition debts reviewed. The benchmark incentives are as follows: