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Augustana College partners with insurance company to offer 'degree insurance'

The program is considered a test and Augustana is the first in the nation to try it out.

ROCK ISLAND, Ill. — Augustana College is offering income insurance, or degree insurance, to some transfer students coming to the school for the fall 2021 semester.

School leaders on Tuesday, July 20, announced a "pilot program" that would guarantee 20 transfer students would get the average income for their field of study in the five years following their graduation. This program comes through "American Dream Insurance" and will be available for these select students who apply, are accepted and enroll between July 14 and August 23. 

The college's executive vice president of external relations, Kent Barnds, explained the concept of degree insurance  with a hypothetical situation. 

If a student graduated in a field where the average earnings are $60,000 per year, but their job only paid $55,000 per year, the degree insurance would cover the shortfall. 

"At a time when students have experienced so many unknowns. Augustana College and degree insurance leaders hope that this innovative partnership signals assurance and confidence for a select group of transfers," said Barnds.

The insurance comes at no cost to the students or the college at this time. 

Augustana College is the first in the nation to offer this type of insurance to students. 

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