LRAP Graduate Appreciation Dinner 2018
A few weeks back, we had the honor of hosting a dinner for some of the folks who benefit from the work we do every day to help colleges and universities give students and families freedom of first choice in higher education. We took the opportunity to celebrate their achievements, get some feedback, and share some really good food. They are the college graduates who have been requesting and receiving reimbursements on their student loan payments, because their university chose to partner with us to offer them that freedom.
One of the benefits of facilitating loan repayment assistance programs (LRAPs) for colleges and universities is that we get to care for students. We see the valuable impact the program can have on their lives, throughout their college experience and beyond.
The LRAP Offer
In the beginning, when students are first offered the LRAP from the school, we see that it puts them and their families at ease. They don’t need to worry about what kind of impact student loan payments are going to have on their lives after graduation. Knowing the LRAP is there to reimburse loan payments if income is modest gives them the confidence to pursue their ambitions boldly. It eliminates the uncertainty families experience that gives them pause – or causes them to settle for second choices – out of worry.
As they progress through their education, students report that the LRAP has a positive impact on their ability to stay focused in class, and stay enrolled where they started. The promise of the program reduces the guilt and worry that students often feel as they see the numbers around their investment in higher education grow. Temptation to drop out or give up is reduced since the student must graduate to keep their status in the program, and worry about the future is less distracting to their studies.
Preparing for Launch
As they approach graduation, students also report that having the LRAP allows them to take the time to think more critically about what internships and career networking they will want to approach. Knowing that the program is there provides comfort that those internships – even their first jobs after graduation – can be chosen based on what is best for their career long-term, instead of being chosen out of fear of managing student loan payments.
The LRAP Difference
In general, students tell us that having the LRAP has had a positive impact on their ability to pursue their best career. It also has accelerated participation in some of life’s milestones – like getting married, having children, or buying a home – compared to their peers who did not benefit from participation in a loan repayment assistance program.
We cherish the opportunity to care for these students and it is part of our promise to our partner colleges and universities that we will do so.
Interested in offering prospective students and families at your institution the long-term benefits of a loan repayment assistance program, and in the corresponding positive enrollment impact?