A Michigan-based university is offering loan repayment assistance to graduates in an effort to attract students to its programs.

Spring Arbor University is a Christian liberal arts school with enrollment of about 4,000 students. The school is beginning its Loan Repayment Assistance Program this fall for incoming freshmen.

They guarantee students and parents will get repayment help if income level fails to meet benchmarks established by the university. The repayment assistance continues until a graduate's income rises or the loan is paid off.

Graduates must work a minimum of 30 hours a week to qualify for the program.

The school's president told the Associated Press it wants to provide "students and their families with peace of mind."

Finally, we have a market-based solution to the runaway $1 trillion student loan debt that is going to be the next bubble! In addition, I also like what the state of Texas is doing by offering a four-year degree for $10,000.