Washington College gives graduating seniors a parting gift: Debt reduction – Washington Post

Before the class of 2016 receives diplomas from Washington College this May, the liberal arts school in Chestertown, Md., will give them a memorable graduation gift: money to pay off student debt.

All graduating seniors who took out federal student loans this semester will receive a grant from the college to repay the debt. Awards will vary, but the 119 seniors who took out federal loans will have them reduced by an average $2,630, according to the school. Graduates, who carry an average balance of $25,794 in federal loans, will ultimately see an average 10.2 percent reduction in that debt.

We want our students to be both academically and financially prepared when they graduate fr…