LRAP Plus Policies

Notifications of Changes

Participants must notify the Office of Student Financial Services within 30 days of the effective date of a change in eligibility or within 30 days of the date upon which they became aware of such a change. Changes that must be reported include (but are not limited to) changes in salary, marital status, employment, and loan repayment status or amount.

Changes to loan payments based solely on interest rate adjustments should not be reported, except on the annual application, and benefits will not be adjusted on that basis. Participants will be required to submit supporting documentation to substantiate the change(s).

Changes are to be submitted to NYU via the online application system. Failure to notify the Office of Student Financial Services via the online system (or otherwise in writing, should the system not be available) within 30 days of a change will result in the loss of benefits or imposition of penalties. LRAP benefits will be recalculated as of the effective date of a reported change, and any adjustment to the loan amount resulting from the change will be reflected beginning with the next semi-annual disbursement. Participants who receive award overpayments as a result of changes in eligibility will be required to return the amount of the overpayment to the Program.

Participants who are eligible for an increased monthly benefit amount will receive any retroactive adjustment as part of the next disbursement.