Loan Repayment Assistance Program (LRAP)
From 1998 to 2020, Loyola University Chicago School of Law had a Loan Repayment Assistance Program (LRAP) to support its J.D. alumni engaged in public service employment who have high educational debt. No LRAP program was offered in 2021-2023 due to the suspension of payments on federal education debt. Since payments on federal education debt have resumed, the School of Law is again inviting LRAP applications in October 2024. Any J.D. graduate of the law school since 2015 will be eligible to apply for an LRAP award in 2024, except J.D. alumni who received an LRAP loan in 2019-2020 and the loan has not been canceled. Awardees can receive a maximum of three annual LRAP awards within the ten years after they obtain their J.D. degree.
To be eligible for a LRAP award, an applicant must be employed full-time in qualified public service employment. No person employed by Loyola University Chicago is eligible for LRAP assistance for the months (s)he is employed by Loyola University Chicago. The applicant’s total educational debt must be more than $75,000 as of October 2024. Also, gross annualized compensation from qualified employment must be $95,000 or less as of October 2024.
An award under the LRAP program is in the form of a loan, issued pursuant to the terms of a promissory note, to refinance educational debt. The amount of the LRAP award will depend upon the awardee’s total gross annual compensation from qualifying employment, total amount of educational debt owed and the amount of monthly payments due on this debt. The loan will be canceled, under the terms of the promissory note, if: 1) the awardee is employed full-time in qualifying public service employment in 6 of the 12 months after the LRAP application is submitted; and 2) the awardee remits the proceeds of the LRAP loan to pay the awardee’s educational debt.
The eligibility criteria for a 2024 LRAP award and information about the application process are available here:
- Application Information
- Employer Verification Form
- Apply for a Loan Repayment Assistance Program award
From 1998 to 2020, Loyola University Chicago School of Law had a Loan Repayment Assistance Program (LRAP) to support its J.D. alumni engaged in public service employment who have high educational debt. No LRAP program was offered in 2021-2023 due to the suspension of payments on federal education debt. Since payments on federal education debt have resumed, the School of Law is again inviting LRAP applications in October 2024. Any J.D. graduate of the law school since 2015 will be eligible to apply for an LRAP award in 2024, except J.D. alumni who received an LRAP loan in 2019-2020 and the loan has not been canceled. Awardees can receive a maximum of three annual LRAP awards within the ten years after they obtain their J.D. degree.
To be eligible for a LRAP award, an applicant must be employed full-time in qualified public service employment. No person employed by Loyola University Chicago is eligible for LRAP assistance for the months (s)he is employed by Loyola University Chicago. The applicant’s total educational debt must be more than $75,000 as of October 2024. Also, gross annualized compensation from qualified employment must be $95,000 or less as of October 2024.
An award under the LRAP program is in the form of a loan, issued pursuant to the terms of a promissory note, to refinance educational debt. The amount of the LRAP award will depend upon the awardee’s total gross annual compensation from qualifying employment, total amount of educational debt owed and the amount of monthly payments due on this debt. The loan will be canceled, under the terms of the promissory note, if: 1) the awardee is employed full-time in qualifying public service employment in 6 of the 12 months after the LRAP application is submitted; and 2) the awardee remits the proceeds of the LRAP loan to pay the awardee’s educational debt.
The eligibility criteria for a 2024 LRAP award and information about the application process are available here:
- Application Information
- Employer Verification Form
- Apply for a Loan Repayment Assistance Program award