student loan repayment manual table of contents - Tufts University
student loan repayment manual table of contents - Tufts University
student loan repayment manual table of contents - Tufts University
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<strong>Tufts</strong> <strong>University</strong>’s Loan Repayment Assistance Program (LRAP)42The <strong>Tufts</strong> Loan Repayment Assistance Program (LRAP) is a university-wide program, launched in 2008,that helps selected <strong>Tufts</strong> graduates working in public service pay a portion <strong>of</strong> their annual education <strong>loan</strong>bills. Believed to be the first university-wide program <strong>of</strong> this kind in the country, the purpose <strong>of</strong> the <strong>Tufts</strong>Loan Repayment Assistance Program (LRAP) is to encourage and enable <strong>Tufts</strong> graduates to pursue careersin public service by reducing the extent to which their educational debt is a barrier to working incomparatively low-salaried jobs in the non-pr<strong>of</strong>it and public sectors.All <strong>Tufts</strong> graduates (with undergraduate, graduate and pr<strong>of</strong>essional degrees; does not include certificateprograms) with educational <strong>loan</strong>s incurred for the purpose <strong>of</strong> attending <strong>Tufts</strong> (as certified by the FinancialAid Office at <strong>Tufts</strong>) and who are employed by a non-pr<strong>of</strong>it (501c3 or equivalent) or public sector agencyare eligible to apply. Applicants must be currently repaying educational <strong>loan</strong>s (or be in a grace period).Applicants who have deferred payment (in order to resume academic studies, for example), who havedefaulted on their <strong>loan</strong>s, or are delinquent on their <strong>loan</strong> payment are not eligible for the program.Awards will be made by a committee in each <strong>Tufts</strong> school. The committee will consider each applicant’sincome, level <strong>of</strong> indebtedness, and overall need as compared to the entire applicant pool. Applicants mayreapply each year. However, not every applicant will receive an award. Moreover, receiving an award inone year does not guarantee receipt <strong>of</strong> an award in subsequent years.The <strong>Tufts</strong> LRAP is structured so that the awards should not be taxable, pursuant to special federal incometax rules that apply to the discharge <strong>of</strong> <strong>student</strong> <strong>loan</strong> debt (26 U.S.C. § 108(f)). In accordance with thisprovision, <strong>Tufts</strong> LRAP awards are made in the form <strong>of</strong> <strong>loan</strong>s which are forgiven when the award recipientcompletes a year <strong>of</strong> continued public service employment. Applicants should consult a tax advisor withspecific tax-related inquiries.Additional information and application information can be found at lrap.tufts.edu. Applications for the2012 award cycle will be made available during Spring 2012. The application deadline for the 2012 awardcycle is September 1, 2012.
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