Calculation of Assistance
The Haas Financial Aid Office will determine and award all LRAP grants. The Program will award each participant a grant on a semi-annual basis equal to the participant's required minimum repayments actually made on eligible loans during the preceding six month period. (Please note, usually payments are not required during the initial six months after graduation.) To take maximum advantage of the Program, participants are advised to make payments equal to those due under a standard repayment plan.
Alumni are eligible to participate at any point within 15 years of graduation.
Please note: Beginning June 2013 we will no longer cover twice the minimum payment on your loan. As this program is dsigned for those with less liquidity, and as we expand to a prorated reimbursement option, we will only cover the minimum required payment on your loan.
Expect up to 6 weeks for reimbursement from campus.
Participation in the Haas LRAP is limited to those graduates with a modified gross income of up to, and including, $80,000, per the calculation below:
|Applicant's gross wages*|
|+ Other income (business, rental real estate, etc.)|
|+ Housing allowances from employer|
|- $6,000 for one dependent, as determined under federal income tax guidelines, and $4,000 for each additional dependent|
|= Applicant's modified gross income|
*A married participant's eligible income will be analyzed in two ways. First, it will be calculated based on half of the joint income of the couple and then based on the participant's own income. The greater of the two calculations will be used to determine eligibility.
Please note we now offer a prorated reimbursement!
Based on the modified gross income:
Up to $80k: 100% of eligible reimbursement
$80k to $85k: 50% of eligible reimbursement
$85 to $90k: 25% of eligible reimbursement
Over $90k: not eligible.