Loan Repayment Programs
There are a variety of programs that provide assistance to Ross graduates who have borrowed student loans while earning their degrees. These programs are made available by the University of Michigan Ross School of Business, and the Federal Government.
JUMP TO SECTION:
Ross LRAP – Ross Program for all students
Public Service Loan Forgiveness (PSLF) – Federal program
Income-Driven Repayment Plans – Federal program
Ross LRAP
The Ross Loan Repayment Assistance Program provides financial assistance to all Ross graduates who are currently pursuing careers in nonprofit and public sector organizations. Qualified applicants will receive financial assistance to help pay for a portion of Ross-related, need-based loan obligations while employed full-time in a position within the nonprofit or public sectors. The calculated Loan Repayment Assistance Program amount for which the applicant is eligible is based on the applicant’s financial position and that of the applicant’s immediate family. Must reapply each year.
- View LRAP Program Guidelines and Application Process (pdf)
- View a table of historical LRAP award amounts (pdf)
- 2027 LRAP Application OPEN
- Deadline November 20, 2026
Subject to fund availability and restrictions at Ross and the University of Michigan broadly.
The Public Service Loan Forgiveness Program (PSLF)
The Public Service Loan Forgiveness Program (Section 401 of the CCRAA) will forgive most federal Direct loans after 120 qualifying payments while employed full-time in eligible public service employment.
The 10 years do not need to be consecutive, but the borrower must be working in an eligible public service job at the time of forgiveness. Only certain repayment plans qualify for PSLF, including IBR and PAYE.
The following publications offer details about the requirements for forgiveness: Federal Student Aid website, help tool, and Q&A. There is also a form that borrowers can complete to track their progress.
About the Public Service Loan Forgiveness Program(link is external)
Public Service Loan Forgiveness FAQs
Income-Driven Repayment Plans
If your federal student loan payments are high compared to your income, you may want to repay your loans under an income-driven repayment plan.
Income-driven repayments plans allows borrowers to pay back their federal loans on the basis of their income and family size at the time of repayment.
Most federal student loans are eligible for at least one income-driven repayment plan. If your income is low enough, your payment could be as low as $0 per month.
| Income-Driven Plan | Description | Repayment Period |
|---|---|---|
| Income-Base Repayment Plan (IBR) | Generally 10 percent of your discretionary income if you’re a new borrower on or after July 1, 2014*, but never more than the 10-year Standard Repayment Plan amount | 20 years *if you’re a new borrower on or after July 1, 2014 |
| Pay As You Earn Plan (PAYE) | Generally 10 percent of your discretionary income, but never more than the 10-year Standard Repayment Plan amount | 20 years |
| Revised Pay As You Earn Plan (REPAYE) | Generally 10 percent of your discretionary income. | 20 years if all loans you’re repaying under the plan were received for undergraduate study 25 years if any loans you’re repaying under the plan were received for graduate or professional study |
| Income-Contingent Repayment Plan (ICR) | The lesser of the following: 20 percent of your discretionary income or what you would pay on a repayment plan with a fixed payment over the course of 12 years, adjusted according to your income | 25 years |
The Ross School of Business Office of Financial Aid is a satellite office of the University of Michigan Office of Financial Aid.
