Lyon College Offers Loan Repayment Assistance

Lyon College is now offering loan repayment assistance to its graduates who come from nine area high schools and enter a teaching career. The new Loan Repayment Assistance Program (LRAP) helps repay federal, private alternative, and parent PLUS loans until the graduate is earning at least $40,000 a year.

If a graduate teaches for a year or two and then takes off a year or more to earn a second bachelor’s, master’s, or doctoral degree, LRAP will continue to assist with loan repayment during that time as well. It also offers an extension of up to three years to those working or traveling outside the U.S.

The amount LRAP will cover is on a sliding scale. If the graduate is earning $36,000 a year, for instance, LRAP will pay 20% of repayment costs. At $28,000 LRAP assistance rises to 60%, and the total cost is covered if pay is $20,000 or less.    MORE

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