All LRAP applications are required to be on time and without any missing information. You must request access to the LRAP application by emailing our office at email@example.com. Applications cannot be submitted after the deadline. Individuals missing the deadline must apply the following quarter and will not eligible for retroactive payments for the previously missed benefit period. If this will your ability to pay your loans, please contact your lender and put the loans in forbearance or deferment for the quarter in question.
LRAP Loans are forgiven once participants accrue 36 months of eligibility in the Program. At the end of the year during which a participant reaches 36 months of eligibility, all outstanding LRAP Loans made by the Program will be forgiven, and loans made in subsequent years to such participants will be forgiven annually. For purposes of determining eligibility for forgiveness, graduates will accrue one month for each month for which they receive benefit distributions, as well as for each month during which they are no longer receiving current benefits but during which they have remained continuously in qualifying employment, as defined above and determined by NYU. Participants whose income precludes them from receiving current benefits but who remain in qualifying employment must complete an annual application to the Program.
Participants must notify our office, in writing, within thirty days of any personal or financial changes that effect your benefits. This includes changes in employment, income, marital status, address, email changes, or if you receive a forbearance or deferment on your loans. If you are in doubt about the necessity of reporting an event, please call our office for guidance. The only exception to this policy is a change in interest rates.
No notification is needed for changes in interest rates.
Benefits are disbursed quarterly. If the amount of your eligible benefits increases (or decreases) in between quarters due to a status change reported by you, your benefits will be increased (or decreased) in the next scheduled quarterly disbursement. You must plan accordingly, as no additional LRAP checks will be sent to compensate for such changes.
For information regarding the taxability of programs such as LRAP, please consult Sec.108(f) of the Internal Revenue Code - www.irs.gov.
Program and Formula
While NYU is strongly committed to LRAP, it is important to note that neither the existence of the Program nor the formula used by the Program to calculate benefits is guaranteed. The formula and other terms of the Program will be determined at the discretion of the Program Administrator and may be adjusted as Program resources, participation rates, and indebtedness of participants change. Participants may receive more or less funding in succeeding years.
The Melvyn and Barbara Weiss New York University School of Law Loan Repayment Assistance Program is administered by the NYU School of Law Office of Student Financial Services. If you would like to learn more about our current LRAP program, we encourage you to review the current Program Document or check out LRAP 101 or contact us at:
Office of Student Financial Services
New York University School of Law
245 Sullivan Street, Suite #400
New York, NY 10012 1301
Telephone: (212) 998-6050
Facsimile: (212) 995-4525