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• Frequently Asked Questions

Frequently Asked Questions

Does LRAP cover my December payment?

No. LRAP coverage begins in January.  Therefore, any payments that are due prior to January will not be covered by your LRAP award.

Will you pay my student loan payments directly?

No. If applicants are approved for LRAP, they will receive a check in late December or early January that represents LRAP coverage from January through June.  It is the responsibility of the applicant to make payment directly to his or her lender.  International applicants should be especially aware of this since they will need to ensure that they have the access to a bank account which will accept US denominated deposits and from which they can make payments to their lender.  International applicants experiencing difficulty should contact their lenders to determine what options exist.

I don't have a job. Can I apply for LRAP?

No. LRAP exists to support HKS graduates employed on a full-time basis in the public and non-profit sectors.  Individuals who are not employed are encouraged to contact their lenders to inquire about the possibility of deferments, forbearance, or other similar accommodations to their individual circumstances.

I am employed by a for-profit but assigned to work with a non-profit. Am I eligible?

No. Individuals who are employed by for-profit employers- regardless of the nature of the work in which the employee is engaged - are not eligible.

I'm in the process of consolidation my loans. How should I report my loans on the application?

If the consolidation process is not yet complete, please report your loans individually.  Additionally, attach a cover letter that explains that consolidation is under way. If your application is approved, you will be sent a conditional approval letter with actual payment being delayed until your consolidation process is complete.

The information you ask for on the loan certifications - outstanding principal, required monthly payments, and evidence that I am not behind on my payments- is available on my lender's website. Can I print off this information and submit it?

Yes.  So long as all information is present, you can submit a print out from an online source.

I do not currently meet eligibility guidelines but expect to as of sometime in January or after. Can I apply for coverage?

No.  If you do not meet the eligibility guidelines as of the deadline, your next opportunity to apply will be in June for the second six months of the calendar year.

Can I fax my application to you?

Yes. The fax number is (617) 496-1165.

Is the deadline a postmark deadline?

Since the LRAP Committee must convene shortly after the deadline, it is important that all materials be submitted in sufficient time for applicants to be provided to all Committee members at least two weeks prior to the meeting.  Therefore, it is extremely important that all applicants be received by November 15th.  Regretfully, it may not be possible to consider late applications.

Are LRAP payments taxable?

No. Beginning with the January to June 2008 payments, LRAP awards will be given as loans (you will receive a promissory note to complete). These loans will then be forgiven at the end of the fiscal year, allowing the payments to be tax free (see IRC 108(f)). For payments made prior to January to June 2008, LRAP payments are considered taxable income.  Harvard will send you a 1099 reflecting the payment.  If your payment is processed prior to January 1st, the 1099 will be for the prior tax year.  If payment is issued after January 1st, the 1099 will be issued for the current year.  In order to ensure that you 1099 is received, please make sure you update your contact information if it changes.

Can you wire the LRAP payment to me?

In some cases, the LRAP program will wire funds to participants living outside North America. There are very strict criteria for wiring payments, and you will be contacted if your payment is eligible for wiring. If you are not contacted, your payment cannot be wired to you.