What Every Graduate Should Know About LIPP!
We urge all students to become familiar with the LIPP program. While many students know at graduation that they want to apply for LIPP and enter the program in the year they graduate, many alumni contact us several years after graduation to apply for LIPP. These are generally alumni who have switched careers and utilize LIPP assistance to make this employment change possible while maintaining their loan repayment obligations.
LIPP eligibility is based on three factors:
- Eligible Borrowing – how much of your borrowing is eligible and what are your required monthly loan payments?
- Eligible Employment – work must be full-time and compensated
- Eligible Finances – income and assets
Points every graduate should remember:
- Graduates are eligible to enter LIPP at any time during repayment
- LIPP does not have a salary cap
- LIPP is not just for public interest positions
Frequently asked questions:
1. When should I apply for LIPP?
- As a 2014 graduate you won’t begin the LIPP application until mid-fall. This is because the grace period on the bulk of your loans means you won’t begin repayment until November 2014 and you won’t know your required monthly payments amount until roughly one month before you loans are in repayment. If you have loans entering repayment before December let us know, but you must utilize the grace periods on your loans.
2. How do I apply?
- In order to apply you will need to submit the online application then upload or fax a PDF version of the supporting documentation. We recommend you use the Application Instructions to ensure you are submitting a complete application.
3. I am being paid by a fellowship, who should fill out the Employer Certification?
- Please have your placement organization fill out the Employer Certification and also submit a copy of your fellowship letter with your application materials.
4. Does LIPP pay my lenders directly?
- No, we do not have any direct contact with your lenders. LIPP will provide you with a check for your eligible coverage, generally for a period of six months, and it is your responsibility to make monthly and on-time payments to your lenders.
5. Are clerkships eligible?
- Yes, with conditions. Graduates who take clerkships and intend to take a position via which they will maintain their LIPP eligibility after the clerkship is completed are eligible so long as they remain in the post-clerkship position for a period of time equal to the amount of time for which they received clerkship assistance. Students pursuing clerkships should familiarize themselves with the clerkship policy so they can make a fully informed decision about taking LIPP or pursuing other repayment options.
We are happy to meet with any student interested in learning more about how LIPP will work with their specific situation. Please email our office directly to set up an appointment before leaving campus.
Last modified: February 25, 2014