Loan Repayment Assistance Program (LRAP)
This is the Houghton advantage: graduating with financial confidence from a top-ranked institution of Christian higher education.
Houghton College is the first college or university in the entire eastern United States to offer a Loan Repayment Assistance Program (LRAP) to all new students. Offered through a partnership with the LRAP Foundation, this program covers up to 100% of all federal, private, and parent PLUS loans at no cost to the student or parent.
What does “loan repayment assistance” mean?
- The LRAP is designed to assist or completely repay a student’s loans after graduation when he or she earns less than $38,000.
Who is eligible?
- All new first-year students and qualified transfer students entering Houghton in Fall 2015
- Students must be a U.S. citizen or qualify for Title IV financial aid
What are the eligibility requirements for loan repayment assistance?
- The student must graduate from Houghton
- The graduate must work at least 30 hours a week at minimum wage
- The graduate must work in the United States
- The graduate must earn less than $38,000 a year
Repayment assistance will continue until their income rises above $38,000 or they no longer meet the other qualifying criteria.
What loans are covered for repayment?
- All federal student loans
- Private educational loans
- Parent PLUS loans
Frequently asked questions
- What if the graduate is married? How does repayment work then?
- How about stay at home parents?
- What if I want to work overseas after I graduate?
- What if I go to graduate school?
These are all questions we’ve thought of and have answers for. Please contact us with your questions and we will be happy to provide answers.