If your income after graduation is modest, LRAP will help you repay your student and parent loans.
LRAP stands for the “Loan Repayment Assistance Program” and is free to students and families.
We want to alleviate any concerns about repaying student and parent loans, so you can attend and graduate from your college of choice.
LRAP is a safety net. We want you to be free to pursue your passions on campus, and your career of choice after graduation, confident that student loans will not stand between you and your successful future.
For Parents & Families
We understand that many families have concerns about the amount of student loans required to finance higher education, and what that will mean for their student after graduation. We are confident in the economic value of higher education, and want to reduce any anxiety about the burden of student loans. According to The Census Bureau, the average person who completes their college degree will earn almost $1 million more during their lifetime than a high school graduate.
Many graduates look forward to finding meaningful work in areas like public service – occupations that do not always provide high starting salaries, but can offer rewarding and enriching careers. You should feel good about your decision to invest in your student’s education and future.
We want your student to have all the available options for careers after graduation without worrying about student loan debt. That is why we created this Loan Repayment Assistance Program, to help the next generation of leaders succeed.
Key Terms and Conditions
To be eligible for Loan Repayment Assistance:
1.) Graduate from the college that offered you LRAP.
2.) Work after graduation.
3.) Make your loan payments.
4.)Your income level determines assistance relative to your thresholds.
If your income is below the lower income threshold (as specified in your LRAP Offer Letter), you may receive reimbursement for the entire amount of your loan payments each quarter. As your income increases to the upper income threshold, the benefit is reduced proportionately. For example, if your income is half-way between the upper and lower income thresholds, you may receive half of the amount of your loan payments each quarter. Assistance will continue until your income increases above the upper income threshold or your loans are fully repaid.
5.) Loan payment reimbursements are made quarterly.
Parent PLUS loans are also eligible for assistance, and assistance is based on the graduate’s income.
Other terms and conditions apply. See your LRAP Award Letter and accompanying Terms & Conditions for details.
LRAP Association partners with colleges and universities across the United States to help students overcome the burden of student loans. We provide a unique and effective solution for reducing the anxiety and burden of debt-repayment, empowering students to enroll and graduate from their preferred educational institution, while following their dreams after graduation. LRAP is a tool that provides a safety-net for students and families. If a student graduates to a modest income, LRAP helps repay their educational loans.
Mailing Address: P.O. Box 1476, Bloomington, IN 47402