Most college students who headed back to campus this fall will get another semester's worth of education in exchange for thousands of dollars in debt.
In Michigan, the average student loan debt is about $27,000 per student, and more than 60 percent of all Michigan graduates leave college with student loan debt, according to a Detroit Free Press story.
So what happens when debt-saddled college graduates struggle to find a job that pays well enough to cover their loan payments?
One private college in Michigan is launching a program that will help low-earning grads pay back their loans.
Starting next year, Adrian College will cover students' complete student loan payments if they get a job that pays less than $20,000 annually. The college will cover the payments until the student earns more than $37,000 per year.
If a student earns between $20,000 and $37,000 annually, the college with cover their payments on a sliding scale.
"It has become increasingly clear that money and student debt are major hurdles for parents and students to get over as they consider higher education," Adrian President Jeffrey Docking said in a release. "Especially when it comes to a small, private college like Adrian. They are scared away by the sticker price."
Do you think it's right for colleges and universities to make loan payments for low-earning graduates? Tell us in the comments.