Loan Repayment Assistance Program Audio FAQ

Michigan Law School's recently revised loan repayment assistance program (LRAP), called the Income-Based Debt Management Program, dovetails beautifully with the federal government's Income Based Repayment (IBR) plan. Our program takes advantage of the positive aspects of the government's program, while eliminating some of the less attractive aspects of IBR, such as the risk of increasing debt. Katherine Gottschalk, Assistant Dean for Financial Aid, answers some questions that are frequently asked.

1. Why do we offer a Loan Repayment Assistance Program?

2. What are the benefits of Michigan's LRAP?

3. What kind of job is eligible for the program?

4. How can educational debt grow over time?

5. What are the "reserves" in Michigan's LRAP and how does it address the unpaid interest on a loan?

6. Three scenarios: For a graduate in Michigan's LRAP with $100,000 in federal debt, what would the approximate annual payment be given different salary levels?

7. When do I enter the program and how long can I stay in it?

8. Do I have to work in the United States to be eligible for Michigan's LRAP?

9. What factors need to be considered in comparing loan repayment programs?

10. What advice do you give students?

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