LRAP funds are disbursed twice a year. They are disbursed electronically through MyAccess to the participant every six months and in advance of loan payments being due. For example, funds released in December go toward loan payments for January through June. Funds released in July, go toward loan payments for July through December.
To receive the December disbursement, a complete and on-time online application, and required documentation materials (available to participants in September/October with a November 1* deadline) must be submitted for evaluation. Any application received without all documentation will be considered incomplete and will not be reviewed until all of the necessary documentation has been submitted by the deadline.
To receive the July disbursement, a complete and on-time online mid-year renewal application, and required documentation materials (available to participants in March/April with a May 1* deadline) must be submitted for evaluation along with a copy of the most recently filed federal tax return(s) and W-2(s). Documentation from the loan servicer(s) is required at both application deadlines, confirming that repayments on all loans, for which the LRAP benefits are calculated, are current and in a repayment status.
*Exception: LRAP III participants who are in an IBR/PAYE repayment and have an annual award will have a different deadline date. You must submit a complete LRAP application within two weeks of the date your annual review is complete with your servicer.