PULLMAN, Wash. (AP) — Washington State University has launched a new program designed to help more students pay for college.

Under the program, more than 400 students can open a savings account with an interest rate of up to 400 percent and use the funds to pay for college.

Students who save $1,000 throughout the year will receive $4,000 in matching funds. All the money will go toward educational expenses at WSU.

The program is open to 85 students per year over five years. Matching funds will be provided by WSU under a $1 million federal grant.

The program is designed to boost student retention among low-income students.

WSU says it is the first college in the country to develop this student retention model.

Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


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