A program that pays back your student loans after graduation 🤘
for current students only
When I was first offered a Loan Repayment Assistance Program (LRAP) Award, it sounded too good to be true.
I was reviewing the financial aid packages offered by various colleges I’d applied to, and this offer stood out. Similar to lots of eighteen-year-olds, I didn’t really understand what taking on student loans meant and was mostly excited to start college one state away from a family stifling my queer identity. Hellbent on studying Theatre and slightly concerned by my future job prospects, the promise that some program I’d never heard of would reimburse both my student loan and my mom’s parent PLUS loan payments, so long as I was making less than $43,000 after graduating, didn’t seem like too bad of a deal.
Upon graduating, my mom encouraged me to pay a whopping $600 towards my loans when my minimum payment was more like $286. Both of us misunderstood the fine print of the LRAP Award Letter, and I used my sparse savings to make the extra payment.
To get reimbursed by LRAP, I dutifully submitted the paperwork, which turned out especially tedious since I was working three jobs and was required to report paystubs for every hour of paid labor in a given quarter. When my first deposit from LRAP finally came, a pit fell in my stomach. They’d only paid me back $156 of the $600 overpayment I’d made to my loans in December.
Going forward, I had a slightly less optimistic view of LRAP, and that cynicism has helped me be pleasantly surprised — rather than disappointed — when I get a reimbursal deposit. On average, they tend to reimburse slightly less than the minimum payment I make. In the first quarter of 2025, I paid a total of $858 towards my student loans, and my LRAP reimbursed me for $709.
Receiving that deposit every couple of months makes a significant difference, especially in times like these, when I've just moved to a new city and am still searching for a new job. While collecting the paperwork can be tedious, and it’s a pain getting the information in the acceptable PDF format at times, the customer service at Ardeo is responsive, and they’ve helped me countless times.
If you’re interested in the Loan Repayment Assistance Program, here’s how current college students can qualify:
What is LRAP?
The LRAP (Loan Repayment Assistance Plan) program is run by Ardeo Education Solutions, a company that partners with colleges to make repaying loans more accessible. Ardeo was founded in 2008 by Peter Samuelson, a Yale law school graduate who was awarded a loan repayment assistance plan for his degree. These programs can be found at some Ivy League schools, and Samuelson wanted to create something similar for the undergraduate level in order to give college students more peace of mind when attending school.
LRAP is not a student loan forgiveness program. LRAP is awarded as part of your school’s financial aid package, and once you graduate and start repaying your loans, you can request reimbursement for the minimum monthly payments towards Student Loans and Parent PLUS Loans. The reimbursements will only cover the minimum monthly payment amount which is set by your loan servicer. LRAP will not cover voluntary payments or overpayments. Your specific award letter will outline the annual income cap where LRAP will stop reimbursing 100% of your loan payment.
For example, I was a student of Pacific Lutheran University and was awarded an LRAP Letter stipulating LRAP will reimburse 100% of my minimum loan payments as long as I’m making less than $43,000 annually. In the chance that income becomes higher than $43,000 annually, LRAP will adjust to a lower percentage of reimbursement.
Who’s eligible for LRAP?
You can only be eligible for LRAP if you receive an LRAP Award Letter as part of a college admissions financial aid package. Different schools use various criteria to award an LRAP Letter. Some schools offer it to their entire incoming freshman class, to students of a particular major or even to the student athlete population.
Ardeo Education Solutions does not have a public, comprehensive list of every school they partner with, but the majority of the schools LRAP works with are private colleges. Usually, when a student is awarded LRAP, it may be the first they’ve heard of the program and someone from the admissions office will talk with them and their parents about what LRAP is. Students could reach out to the admissions office and inquire whether they’re eligible for an LRAP Award and request to be offered one, but this is pretty rare.
After graduating, you stay eligible for 100% loan reimbursement from LRAP as long as:
You make student loan payments
You work at least 30 hours a week
Earn an annual income less than the amount outlined in your Award Letter.
If you gain a higher income than the one capped in your award letter, LRAP will reassess the percentage of reimbursement. If your student loans are in forbearance, you would not be eligible to receive assistance from LRAP since you would no longer be making payments.
What is the Reimbursement Request Process Like?
Documentation is fairly extensive, but there are some things that only need to be provided for your first reimbursement request. At the end of each quarter, recipients will have one year to submit a completed request for that quarter.
First Request: your complete college transcript, recent W-9 form, loan portfolio including amount of each loan, interest rate, disbursement date and balances
Every quarter: paystubs from the entire quarter, documentation of your loan payments, your tax return from the current year (but only required for the first quarter of the year)
If your monthly payment amount stays the same every month, you don’t need to resubmit your complete loan portfolio. However, in the event that you start a new Income Based Repayment Plan, your minimum monthly loan payment may change and LRAP would need a new loan portfolio to be submitted.
How does it work?
Step 1: Apply to a college who partners with LRAP, and be offered an LRAP Award Letter as part of your financial aid package.
Step 2: Accept the LRAP Award and graduate with your degree.
Step 3: Make your monthly required student loan payments, earning an annual income below the amount outlined in your Award Letter, and while working an average of 30 hours a week.
Step 4: Submit the required documents every quarter to receive reimbursement for your minimum required loan payments.
Step 5: Get paid back in full for every student loan payment you make until you make enough income to comfortably cover your payments, or until your loans are paid off.
About the author:
Tendril is a recent college grad balancing work, theatre arts, and fiercely supporting their local community during these uncertain times. In their free time, they can be found reading, pondering birds, or cooking elaborate meals for friends. Ten is open to remote freelance opportunities and can be contacted at pey10noreen@gmail.com.
A note from the founder of Queer & Trans Wealth, Leo Aquino:
Hello to the 5,321 hotties who subscribe to this newsletter! Thank you for being here & thank you for reading Queer & Trans Wealth’s second guest post by Tendril Noreen. Ten is so passionate, enthusiastic, and deeply invested in community care. When they told me about this program that reimburses them for their student loan payments, I knew the Queer & Trans Wealth audience needed to know all about it! I’m so honored to be able to share their story with you.
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If you have personal experience with programs like LRAP, and if you’d like to share your experience in the Queer & Trans Wealth newsletter, reach out at leo@queerandtranswealth.org.
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