College's unusual guarantee: Make more than $37K after graduating or we will pay all or part of loans

ADRIAN, Mich. (AP) — A small, private Michigan college has a deal for students: Make more than $37,000 a year after graduating or the school will pay all or part of your loans.

Adrian College, in Adrian, Mich., is among a few taking out insurance policies on every incoming freshman and transfer student who have student loans and at least two years of school remaining.

School president Jeffrey Docking is taking the message far and wide and framing it as a solution to skyrocketing tuition costs and student loan defaults.

Docking's goal is to ease parents' and students' "sticker shock" when they see the $40,000 annual cost of an Adrian education.

He's discussed it with U.S. lawmakers and education officials, and he hopes their praise translates into greater promotion of the program.

The campus is about a  45 minute drive northwest of Toledo, Ohio, or 45 minutes southwest of Ann Arbor or 90 minutes southwest of Detroit.