Georgetown Law Open on Time
The Law Center will open on time Monday, March 2, 2015, but liberal leave is in effect. All designated emergency employees must report to work on time. All other employees may take unscheduled leave, but should contact their supervisor to discuss the needs of their unit and individual circumstances.
General LRAP Eligibility Criteria
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 PAYE or IBR 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.
Federal Direct Student Loans - Pay As Your Earn (PAYE), if eligible, otherwise Income-Based Repayment (IBR), under LRAP III
Consolidated Federal Direct Student Loans - PAYE, if eligible, otherwise IBR, 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.