Seniors gearing up for graduation at Howard University can breathe a little easier now; the Mecca is implementing a new practice that will surely lower some of those Sallie Mae student loans.
Starting next year, the university will cover 50 percent of a student’s final semester if they graduate early or on time. Now there’s some incentive to fast-track your matriculation. Students pay about $11,900 per semester — that leaves students who graduate on time with an extra $6,000 floating around. And as Derek Kindle, Howard’s executive director of student financial services points out, the program actually saves students more money, since they won’t be spending dollars on additional semesters.
According to CNN Money, about 46 percent of Howard University students graduate in four years. The national average is 39 percent.
That means close to half of students graduating from the university will be able to participate in the program. As CNN points out, however, the famous school isn’t the first to offer such a program.
Howard’s tuition rebate program is “relatively uncommon,” said Robert Kelchen, an education professor at Seton Hall University.
At public colleges in Texas, students earn a $1,000 rebate if they finish on time. And some schools, such as Eastern Illinois University, offer a guaranteed tuition ratefor four years. After that, the cost for any additional credits would go up.
But Howard is adding some icing to the cake — the university will freeze tuition next year, sticking with the $22,737 education price tag.