The PLOW program, or Post-secondary Loan Obligation Write-Down, helps offset student costs.
n A high school student or graduate can enroll in the program before acquiring financing, but the financial part of the program starts once the diesel degree is acquired.
n PLOW participants are responsible for acquiring funding for their degree and personal needs and must be eligible to receive financial aid from a lending institution. All education financing must be disclosed to the dealer at the end of each semester or before the start of full-time employment. Sometimes students become part-time or seasonal employees while they're pursuing a degree.
n A transcript must be submitted to the dealer upon completion of the degree from the approved institution of higher learning.
n At the end of the first year anniversary of full-time employment with the dealer, the dealership makes a $1,500 payment on behalf of the student to the financial institution holding the student's loan. (The program does not apply to other loans or financial obligations the student may incurs.)
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n Annual payments continue for nine additional years, providing the student continues to work for the dealer. Payments increase to $2,500 per year for years six through 10, for a total of up to $20,000. If the loans are less $20,000, the program only covers that amount.
n Payments are required only if the student continues to work at the dealership. They are not required if employment terminates for any reason before the anniversary of the student's employment. The agreement typically is covered by a written memorandum of understanding.
n Terms of employment are between the student and the dealer, including benefits. North Dakota is a right-to-work state.
For information about the PLOW program, contact Matthew Larsgaard toll-free at (800) 752-5591, or at (701) 293-6822. You also can e-mail him at mlarsgaard@ndida.com .
