Deadline to Apply for Loan Repayment Help is Sept. 1
Applications for the Tufts Loan Repayment Assistance Program, which offers debt relief to alumni working in the public and nonprofit sectors, are due Sept. 1. LRAP, as it is more commonly known, aims to encourage graduates to pursue and stay in public and nonprofit sector careers, where salaries are often lower than in the private sector, by helping with education debt incurred at the university.
The program is open to all Tufts graduates with undergraduate, graduate or professional degrees who took on education loans certified by the Financial Aid Office while attending Tufts, and who are employed full time by a public sector or nonprofit organization. Past recipients have included public policy analysts, humanitarian aid workers and a veterinary medical officer.
Committees from each Tufts school select the award recipients based on income, level of indebtedness and overall need. The number and size of awards depend on the total number of applications and the overall funding that is available.
Unlike loan forgiveness programs, LRAP helps graduates repay a portion of their annual loan bills. In order for the awards to not be taxable, they are made in the form of loans that are then forgiven when the award recipient completes at least nine months of continued public service employment. As long as graduates meet eligibility requirements, they may continue to apply for LRAP funds on an annual basis.
LRAP was established in 2008 with income from the Omidyar-Tufts Microfinance Fund, created with a gift from eBay founder and philanthropist Pierre Omidyar, A88, and his wife, Pamela Omidyar, J89. It is believed to be the first university-wide program of its kind in the country. Additional support comes from the Hargens Loan Repayment Assistance Fund, which was set up through a gift from the estate of Fletcher School donors George B. and Helen J. Hargens.
The application and further information are available on the LRAP website.
Questions can be directed to the LRAP administrator.