Kent Barnds, Vice President of External Relations, says a new company called Degree Insurance invited Augustana to participate in the pilot project. It will guarantee median earnings for five years after graduation based on geography and by degree.
The new product is called American Dream Insurance. Wade Eyerly, CEO of Degree Insurance, says the company is offering coverage to 20 new, transfer students at no cost. If successful, he says universities, colleges, and states will be the buyers. The insurance will not be marketed to families or students.
A Forbes.com article says Degree Insurance launched last fall after Eyerly and his co-founder raised $4 million in seed money. Eyerly is an entrepreneur and also founded Surf Air, a private air charter broker. Degree Insurance is based in Arlington Heights, Illinois. And Augustana is the first in the U.S. to offer American Dream Insurance.
To qualify for the program, new transfer students must submit applications to attend the college in Rock Island between July 15th and August 23rd.