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Graduates who start their own practice or are otherwise self-employed should consult with the LIPP staff about their situation. In general, LIPP assistance is not available during a business start-up period and the graduate is advised to pursue loan forbearance from each lender. Once a business tax return and/or Schedule C are filed, the Student Financial Services Committee will be able to evaluate an applicant's financial situation and determine whether LIPP assistance is available. Further documentation beyond the standard application may be required (bank statements, additional verification of employment, etc), and self-employed graduates should not rely on LIPP support until participation is approved by the Student Financial Services Committee.
LIPP awards for self-employed participants are generally based on estimates of future income. Estimated LIPP awards are always verified and adjusted retroactively if necessary, once actual earnings can be documented from tax returns.
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