It is the responsibility of all applicants to provide an accurate record of their educational loan debt and annual repayment obligations. As part of the LIPP application each applicant must submit documentation of their repayment obligations and evidence of your good standing with each of their lenders. This documentation must include the following information:
1. Your name
2. Date the next payment is due
3. Required amount of the next payment due
4. Current balance on the loans
5. Loan terms (how many months or years of repayment)
6. Payment history for the previous 6 months (if your loans were in repayment for the last 6 months). Not required for new graduates who have yet to begin repayment.
For your convenience we have compiled a list of the contact information for the most common lenders, a video guide titled Understanding Lender Certifications, a Glossary of LIPP Terms, and a Glossary of Loan Terms.
If you are a new participant just entering repayment your servicer will provide a bill roughly 15-20 days before the payment is due. Because of the short turn-around we will accept a loan disclosure or obligation statement for your first application only. These statements should be available through your loan servicer(s) roughly 45 days before your first payment is due. If we use a loan obligation statement or disclosure to create your eligibility determination, you will be required to submit the first billing statement when it is issued. If the required payment on the bill differs from the estimate used to calculate your assistance, an adjustment to your eligibility will be necessary as LIPP only covers required payments.
LIPP is only available to cover required loan payments. Any optional loan payments, such as interest only payments or forward payments, are not eligible for LIPP. Additionally, these optional payments may result in an adjustment to your required monthly payment amount which will affect your LIPP eligibility. Before making any optional payments we recommend you contact us directly to discuss how those payments may affect your funding.