LRAP Blog
Worried About College Loans? Look For A Loan Repayment Assistance Program
As Seniors assess different college offers in advance of the national enrollment deposit deadline of May 1st, many are weighing the pros and cons of borrowing money to finance their college educations. Borrowing within reason, starting college with federally subsidized and unsubsidized amounts totaling $5500 for the first year and heading for the national average of about $27,000 over four years, is common practice.
That said, while some future college graduates plan on highly compensated jobs in fields such as engineering or finance, others may be on their way into education or the not-for-profit sector, meaning they simply won’t make as much money, certainly not in the early years of their careers, and might have trouble repaying those loans in a timely manner without serious sacrifices in other aspects of their young lives.
If you, or the child you love, might choose a career that would make repayment so burdensome that it would curtail other early adulthood opportunities—for instance, moving out of the childhood bedroom and renting an apartment—you would be well-served to seek a college with a Loan Repayment Assistance Program (LRAP).