The deadline for LRAP Spring and Fall 2010 cancellation is on February 28, 2011.
LRAP documentation requirements:
· Employment verification: Documentation that you remained in qualifying employment.
· Monthly payments: You must provide your payment history by downloading a copy of your account statement from your lender onto your computer and converting it to a PDF file. It is not acceptable to copy a segment of the statement and send it in the form of a Word document.
· Qualifying payments: Only your payments within a LRAP cycle (Jan 1 – June 30 and July 1 – Dec 31) qualify for cancellation. Payments made before or after a cycle will not be applied. LRAP guidelines mandate that you are enrolled in a structured repayment plan. To take maximum advantage of the LRAP, participants in the Standard Track are required to structure the repayment of their debt with a standard 10-year repayment plan.
The amount of LRAP loans forgiven will be no more than the actual scheduled loan payments made and based on your actual income. Participants cannot apply for a LRAP loan based on a 10-year repayment schedule, make payments that are less than that, and expect the entire LRAP loan to be forgiven.