Apple has announced it will start to give students the chance to repay some of their student loan balances, but not all of it.
Apple announced Wednesday it would start offering students a “choice” of how much they can defer on their loans by the end of 2019.
The program, which Apple says it plans to roll out across the country in the coming months, allows students to defer up to 90% of their loan balance, or $1,000, for a total of $1.9 million in loans.
Students can choose to pay off a portion of their loans at no charge and a percentage of the remaining balance for up to six months.
The option will be available for undergraduate students who receive a bachelor’s degree from an accredited institution, or graduate students who complete a post-secondary degree program.
Apple says the new option will only be available to students who have outstanding student loan balance and a “strong financial foundation.”
Students can also choose to repay the remaining amount at no cost by deferring all of their remaining student loans at a reduced rate.
The deferment option will also be available at all other undergraduate and graduate schools.
Apple says it has a strong relationship with students.
Its student loan program, launched in 2018, helps students pay off their student loans with a variety of options.
The company says it is “going to go beyond” its student loan programs and is committed to helping more students.
Apple CEO Tim Cook said during the earnings call that he believes students have the “most valuable asset in the world.”
“Student debt is a significant burden for our company and a great thing to have in our portfolio, because the students that we have in this space, they have the most valuable asset of all, which is the ability to borrow, to borrow as little as they need to, and to defer,” Cook said.