Loan Repayment Assistance Program (LRAP) 2014 Award Year
Loyola University Chicago School of Law is pleased to announce the 2014 Loan Repayment Assistance Program (LRAP) to ease the educational debt burden for its recent graduates who are engaged in full-time public service employment. In keeping with Loyola University Chicago’s Jesuit tradition of encouraging students to be of service to others, LRAP allows the law school "to provide significant support for our alumni with high educational debt burdens to fulfill their aspirations for public interest careers," according to Dean David Yellen. In 2013, twenty-four alumni were awarded LRAP benefits.
Any JD graduate of Loyola University Chicago between January 2009 and May 2013 may apply for LRAP benefits. Awardees can receive up to three years of awards within the five years after their graduation. Eligibility for assistance will be based on the applicant’s status in calendar year 2014. A complete application package is available for download and includes the application form, employer verification form(s), documentation of principal balances of educational loans, and a brief personal statement.
Assistance awarded under the LRAP program is in the form of a loan, issued pursuant to the terms of a promissory note, to refinance educational debt. If the awardee continues to meet all eligibility criteria through the end of calendar year 2014, the loan will be canceled after submission of copies of 2014 federal income tax returns(s) and all other required certifications.
To be eligible for LRAP assistance, an applicant must be employed full-time for at least 9 months of 2014 in qualified public interest employment. No person who has been employed by Loyola University Chicago in any capacity (part-time or full-time) in 2014 is eligible for LRAP assistance for the months that (s)he was employed by Loyola University Chicago.
To be eligible for LRAP assistance, an applicant’s total educational debt must be more than $65,000 as of October 1, 2014. Also, annual compensation from qualified employment must be $70,000 or less in 2014. For single persons, adjusted gross income for federal income tax purposes in 2014 must be less than $72,000. Total adjusted gross income for married applicants must be less than $102,000. Adjusted gross income can increase $20,000 for each dependent.
Applications must be received by November 3, 2014.
Links to other loan repayment assistance programs: