There's a lot to know about LRAP (and participants and applicants sign-off that they know and understand most of it). However on occasional Fridays the LRAP team sends some reminders. Freshen up your knowledge below!
Most of you are receiving LRAP because you are also working toward Public Service Loan Forgiveness (PSLF). In order to be eligible for PSLF you must be in:
1) Qualifying Employment – working full-time, in a paid position for a 501(c)3 organization, or U.S. government agency
2) Qualifying Repayment – repaying your loans under any of the income driven repayment plans (IBR, PAYE, REPAYE, ICR) or the Standard 10 year repayment plan.
3) Qualifying Loans – All loans in repayment MUST be Federal Direct Loans
Are you DIRECT?
Please double check that all of your loans are under the Federal Direct Loan Program by visiting the National Student Loan Data System. It has come to our attention that a few people were unaware that they are paying on some non-Direct loans. These loans are NOT earning any time toward forgiveness. If you have any non-Direct loans please click on the Federal Direct Loan Program link above and consolidate just these loans.
Hold Your Horses Before you Renew!
Do NOT renew with LRAP until all payments are made from the prior award term. (i.e. if we provided you with an award through October 2018 and your new payment starts in November 2018, please do not reapply for LRAP until you have proof of payment for October 2018).