University of Evansville Launches Loan Repayment Assistance Program
Posted: Monday, January 27, 2014
The University of Evansville announced today that it will offer an innovative program to assist eligible students with loan repayment after graduation. Beginning with the class arriving in the fall of 2014, students participating in the Loan Repayment Assistance Program (LRAP) will, at no cost to them or their families, have confidence that they can repay student loans even if they choose to work in relatively lower-paying but meaningful fields.
After earning a bachelor’s degree from the University of Evansville, eligible graduates who do not obtain full-time employment with annual earnings of $37,000 or more will receive a quarterly check to reimburse some or all of their student loan payments. Loan assistance will continue until the graduate’s income rises above the program’s upper income threshold of $37,000 or until loans are paid off.
“In a time that is fraught with anxiety about student loans and the tough job market for recent graduates, we believe LRAP will give our students and their families a sense of security and a financial safety net,” said UE President Thomas A. Kazee. “We know that some of our graduates choose careers in public service or other occupations that, while immensely rewarding in many ways, offer lower levels of pay. LRAP will allay students’ fears about loan payments by allowing them to get a terrific education and focus on their career of choice.”
“LRAP will ensure that the benefits of a UE education – such as personal attention, hands-on learning, and undergraduate research opportunities – are accessible and affordable to students,” added Shane Davidson, UE vice president for enrollment services. “LRAP will assure students that they will have a financially secure future once they graduate, allowing them to follow their dreams to a career that is enriching and rewarding to themselves and others.”
The LRAP concept began more than 20 years ago at Yale Law School to provide a “safety net” to loan borrowers, protect graduates from debt burden, and empower students to pursue careers in public service.