JD graduates owing outstanding balances on their Georgetown University student account are not eligible to apply for LRAP funds until the balance owed is paid in full.          

Graduates in arrears on student loan payments are not eligible to participate in LRAP until all accounts are brought to a "current" status. LRAP funds cannot be used to bring a participant's account status current.    

LRAP coverage will be provided only for loans borrowed to pay for credits earned within the students' degree requirements and must be loans certified by the Georgetown Law Office of Financial Aid. If your loans are consolidated under IDR with non-Georgetown Law federal loans, then these will be covered as well up to the standard 10-year payment on Georgetown Law federal loans.            

Your LRAP funding is for loans that are in a repayment status. It cannot be used to pay any student loan in a deferment or forbearance status.

 

Loan Repayment Schedules used for LRAP Calculations:


Federal Direct Student Loans - Pay As Your Earn (PAYE), if eligible, otherwise Income-Based Repayment (IBR) or Revised Pay As You Earn (REPAYE), under LRAP III

Consolidated Federal Direct Student Loans - PAYE, if eligible, otherwise IBR or REPAYE, under LRAP III

Consolidated Federal Student Loans - 15 year repayment under LRAP II

Unconsolidated Fixed Interest Rate Federal Stafford or Grad PLUS Loans - 25 year repayment under LRAP II, but will be funded at 15 years so it will be paid off with any consolidated loan

Commercial/Bar Loans - automatically scheduled for 15-20 year repayment depending on the lender

Federal Perkins Loans - automatically scheduled for 10 year repayment if not consolidated      

If a graduate chooses to pay his or her federal loans on an accelerated timeline, LRAP eligibility will still be calculated based on the repayment schedules above.