My name is Andy Sokolovich, and I serve as the Existing Industry Manager for the Clinton Regional Development Corporation. I have been involved in the creation of the Clinton County Community Student Loan Assistance Program for over a year. In that time, we have fostered a collaborative environment focused on the growth and wellbeing of our county. A strong member of that collaboration has been the DeWitt Chamber & Development Company. Angela, Molly, and April have been supportive from the start and will serve as valued partners in the promotion and expansion of the program. Their involvement has been the linchpin to our continued success, and I am thankful to have such a dedicated and responsible team within Clinton County.
The Clinton County Student Loan Assistance Program launched on August 1st, 2019. The program aims to attract talent to the county through a first-of-its-kind student loan payback initiative.
The idea was sparked after I read an article featured in Crain’s Business highlighting a Chicago-based entrepreneur assisting private companies in the development of a student loan payback incentive. The report stated that “When [student] loan repayment is offered, people are 85% more likely to accept a job.” That statistic was shared by the CEO of Peanut Butter, David Aronson.
With that amount of success, could the same result apply to talent attraction within a county?
I contacted David Aronson and posed the same question over the phone. David had not yet considered applying the tactic to community growth but was willing to partner in investigating the possibilities. Over 12 months, David and I coordinated with Clinton County Auditor, Eric Van Lancker, to design a program built around collaboration and the common goal of growing our county’s tax base. With $1.5 trillion in national student loan debt and 45 million Americans paying toward that debt, the need for assistance was evident.
The conversations which ensued revealed a collaborative desire from other organizations interested in expanding the program.
Our partners now include:
City of Clinton
City of Camanche
Central DeWitt School District
Clinton Community School District
Camanche Community School District
The layering of partners allowed us the ability to adjust the program to reduce administrative expenses while providing a more robust and attractive incentive.
The return on investment we will receive far surpasses the financial stake in the program. Taking action to expand our population supports the workforce demands of our county-based employers, encourages new construction and home purchases, increases student enrollment in our schools, and ensures the growth of a healthy economy. The economic multiplier resulting from the attraction of one family is massive!
Plus, we can now leverage the program to recruit our sons and daughters back to the communities that helped raise them. If an individual leaves our county seeking a form of post-secondary education and creates unpaid student loan debt; as a result, they will qualify for the program upon their return.
The development of this program is progressive and outside the box. It’s this type of action that will shine a light on the many benefits associated with calling Clinton County home.
For more information, please visit the Clinton County Student Loan Assistance Program.
Please help us by sharing the program with your friends, family, and peers.
~ Andy Sokolovich, Industry Manager at Clinton Regional Development Corporation