If your LRAP Terms & Conditions specify an annual limit (e.g., $17,000), and you borrow more than that limit (e.g., $20,000) in a specific year, then only the limit-specified proportion of the payments would be eligible for reimbursement (e.g., 17/20 = 85%). Likewise, if your LRAP Terms & Conditions reference an aggregate limit (e.g. $70,000), and you do not borrow more than your annual limit, but borrow more in total (e.g., $80,000), across 5-6 years in college, then assistance would be provided on only the limit-specified proportion of your total loan payments each quarter (e.g. 70/80 = 87.5%).
Modified on: Tue, Feb 21, 2017 at 2:39 PM
Did you find it helpful?Send feedback
Sorry we couldn't be helpful. Help us improve this article with your feedback.