Promise Programs Offer Hope to Students

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Education Loan in India
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Promise Programs Offer Hope to Students
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• The cost of postsecondary education in America
  has risen so high it is unaffordable for many to
  pursue the education necessary for success in
  this competitive job market.
• Individuals who have taken out tens of thousands
  of dollars in student loans to achieve their
  dreams can be left to carry the burden of student
  debt.
• Imagine instead that we lived in a society where
  the wealthy voluntarily invested a portion of
  their money in education for those who are unable
  to afford it.
• What would our society look like?

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• While it seems too good to be true, this scenario
  exists as what are called "promise programs" in
  local communities around the country.
• "The Promise of 'Promise' Programs," a paper by
  Rodney J.
• Andrews, assistant professor of economics at the
  University of Texas, explores the potential of
  these programs as tools to fund postsecondary
  education.
• According to Andrews, a promise program is "a
  local place-based scholarship program that offers
  near-universal access to funding for
  postsecondary education."

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• These programs can be particularly beneficial for
  students who can least afford to pay for college
  and who, therefore, tend to take out the most
  in student loans.
• Promise programs differ from merit-based
  scholarships in four ways. First, the funding is
  uniquely dependent upon the generous donation of
  donors.
• Sometimes, there is a connection between a
  particular donor and the community he or she is
  giving the money to.

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• A paradigmatic example is the Kalamazoo Promise.
  It was launched in November of 2005 by a group of
  anonymous donors to pay full tuition for students
  who resided and attended public schools in
  Kalamazoo, Mich.
• Its success and the national attention it
  received have spurred the creation of similar
  programs across the country.
• According to Andrews, successful promise programs
  such as the Kalamazoo Promise are transparent
  Local students and parents know that money is
  available for them to enroll in a local
  postsecondary institution once they complete high
  school.
• This is an important incentive for students to
  remain motivated and increase college enrollment.

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• While promise programs are not yet a universally
  available or always sustainable means to finance
  a student's higher education, they are not a pipe
  dream either.
• Given the high cost of postsecondary education,
  parents and students should be aware, as Andrews
  put it, that "promise programs are to be among
  the portfolio of resources for Education loan in
  India to draw from.
• You can find a list of promise programs here.
• Source http//bit.ly/YH6LcY