IBR vs. LRAP?

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
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Core
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Joined: Sun Oct 18, 2009 3:09 pm

IBR vs. LRAP?

Postby Core » Tue Mar 09, 2010 3:08 pm

Stupid question, but if you are pursuing PI, do you qualify for the IBR as well as your school's loan repayment assistance program - or just one or the other? For instance, if I attend Chicago for PI, do I gain the benefits of both the IBR and their Hormel program, or do I need to select one to apply for?

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Core
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Joined: Sun Oct 18, 2009 3:09 pm

Re: IBR vs. LRAP?

Postby Core » Tue Mar 09, 2010 4:27 pm

leckj wrote:generally, one has nothing to do with the other
your school's lrap may force you to choose one repayment method, but that would be up to them. the federal government couldn't care less about lrap

Oh, ok. Thanks.

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najumobi
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Re: IBR vs. LRAP?

Postby najumobi » Tue Mar 09, 2010 4:34 pm

my understanding leads me to think that ibr will set your monthly payment to a certain amount (according to your income) and then a certain percentage of that monthly payment is covered by lrap (also according to your income)




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