We understand that actually receiving the reimbursement check in the mail is just as important as enjoying peace of mind from the Loan Repayment Assistance Program (LRAP). That’s why we wanted to take a minute to share with you how the assistance process works. Simply:
Please keep in mind this is only a summary. The full details of the program and your eligibility can be found in your LRAP Award and Terms & Conditions.
To get started, please:
You may also request assistance manually by clicking here to download the Graduation Package.
For any federal loans, your assistance will be calculated after taking into account any Federal income-driven repayment plan for which you qualify (e.g. Pay as Your Earn or Income-Based Repayment). That said, you are not required to enroll in such a program. Some graduates will choose to make overpayments, to pay their loans off sooner, understanding that LRAP assistance will only be calculated on the required payment amounts. You are welcome to do the same.
Enrolling in a federal income-driven repayment plan can start saving you money immediately and offers many potential advantages, including:
If you plan to enroll in a federal loan repayment plan, we encourage you to look into your options and enroll at least a full month before your first payment is due. You can view your current eligibility for these programs and sign up by visiting the U.S Department of Education website, signing in, and submitting a Repayment Plan Request. If you do not know your Federal Student Aid PIN, you can find it here.
Also, if you are married (or soon plan to be), please keep in mind your eligibility for Federal Income-Driven Repayment (IDR) plans is influenced by whether you file your taxes as married filing separately or jointly. You are welcome to file in either status, understanding we will calculate your assistance as if you filed “married filing separately”, which often offers the lowest required monthly payment – the amount we use when calculating assistance. We suggest you consult a tax advisor if you have any questions regarding your specific tax situation.
LRAP complements federal income-driven repayment plans and wraps around them, providing a much richer level of support after graduation.
Please send us a completed Assistance Request Form and accompanying documentation.
Did you know:
Most loans don’t begin for 6 months after graduation? Now’s a great time to start saving!
We would love to know what school you will be attending, and when you plan to graduate.
Did you know:
Your LRAP benefits may be put on pause while you’re enrolled? You generally can also defer your loan payments until after you graduate, at which time we’ll be ready to help.
If you let us know when and where you plan to go, we can keep you updated on next steps.
Did you know:
Your LRAP benefits may be put on pause for up to 3 years while you’re working internationally? You generally can also defer your loan payments until you begin working domestically, at which time we’ll be ready to help.
We have answers.