If your LRAP Terms & Conditions specify an annual borrowing limit (e.g. $17,000), but you borrow more (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 yearly limit, but borrow more in total (e.g. $80,000), across 5-6 years, then we would only cover the limit-specified proportion of your total loan payments each quarter (e.g. 70/80 = 87.5%).
Modified on: Wed, Apr 4, 2018 at 1:24 PM
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