{"id":252,"date":"2021-01-25T16:13:30","date_gmt":"2021-01-25T21:13:30","guid":{"rendered":"https:\/\/rossweb.bus.umich.edu\/financial-aid\/financial_aid\/loan-repayment-programs\/"},"modified":"2025-10-06T10:23:25","modified_gmt":"2025-10-06T14:23:25","slug":"loan-repayment-programs","status":"publish","type":"page","link":"https:\/\/rossweb.bus.umich.edu\/financial-aid\/other-resources\/loan-repayment-programs\/","title":{"rendered":"Loan Repayment Programs"},"content":{"rendered":"\n<h5 class=\"wp-block-heading has-text-align-center\">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.&nbsp;<\/h5>\n\n\n<div class=\"kb-row-layout-wrap kb-row-layout-id252_4df4d9-78 alignnone wp-block-kadence-rowlayout\"><div class=\"kt-row-column-wrap kt-has-1-columns kt-row-layout-equal kt-tab-layout-inherit kt-mobile-layout-row kt-row-valign-top\">\n\n<div class=\"wp-block-kadence-column kadence-column252_b72127-66 inner-column-1\"><div class=\"kt-inside-inner-col\">\n<p class=\"has-text-align-center\"><strong>JUMP TO SECTION:<\/strong><br><a href=\"#impact\">Impact Advantage<\/a> &#8211; Ross Program for FT MBA students<br><a href=\"#LRAP\">Ross LRAP <\/a>&#8211; Ross Program for all students<br><a href=\"#PSLF\">Public Service Loan Forgiveness (PSLF)<\/a> &#8211;&nbsp;Federal program<br><a href=\"#Income%20Driven%20Plans\">Income-Driven Repayment Plans<\/a> &#8211; Federal program<\/p>\n<\/div><\/div>\n\n<\/div><\/div>\n\n\n<hr class=\"wp-block-separator has-css-opacity is-style-wide\"\/>\n\n\n\n<p><a id=\"impact\"><\/a><\/p>\n\n\n\n<h1 class=\"wp-block-heading has-text-align-center\" id=\"impact\">Impact Advantage<\/h1>\n\n\n\n<p class=\"has-text-align-center\"><em>A pilot loan repayment program for full time&nbsp;MBA graduates!<\/em><\/p>\n\n\n\n<p>The Ross School of Business Impact Advantage program provides educational loan repayment assistance to full-time MBA graduates who pursue careers in nonprofit or public sector organizations.&nbsp;<\/p>\n\n\n\n<p>Full-time MBA students whom graduated in<strong>&nbsp;2021 or after <\/strong>will be able to apply for the Impact Advantage program to receive up to $7,500 per year for the first 5 years&nbsp;after graduation, towards their Ross-related loan obligations. The graduate must be in a full-time position within the public or&nbsp;nonprofit sectors earning below the median base salary of the most recent graduating class.&nbsp;Must reapply each year for re-consideration.<\/p>\n\n\n\n<p class=\"has-text-align-center\"><strong>2026 Impact Advantage gross income maximum is set at $170,000<\/strong><\/p>\n\n\n\n<p>The&nbsp;2026 Impact Advantage maximum salary is based on the graduation class of 2024 reported median based salary. This amount will be recalculated each year based on the most recently available graduation class median based salary.<\/p>\n\n\n\n<p><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-kb-palette-12-color\">The 2026\u00a0Impact Advantage application is currently closed.<\/mark><\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/rossweb.bus.umich.edu\/financial-aid\/wp-content\/uploads\/sites\/4\/2021\/01\/Impact-Advantage-Final.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">View the Impact Advantage Handout (pdf)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/rossweb.bus.umich.edu\/financial-aid\/wp-content\/uploads\/sites\/4\/2023\/10\/impact-advantage-program-general-guidelines.pdf\" data-type=\"link\" data-id=\"https:\/\/rossweb.bus.umich.edu\/financial-aid\/wp-content\/uploads\/sites\/4\/2023\/10\/impact-advantage-program-general-guidelines.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">View Impact Advantage Program Guidelines and Application Process (pdf)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/rossweb.bus.umich.edu\/financial-aid\/wp-content\/uploads\/sites\/4\/2025\/09\/2025-impact-adv-historical-report.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">View a table of historical Impact Advantage award amounts (pdf)<\/a><\/li>\n<\/ul>\n\n\n\n<p class=\"has-text-align-center\">Subject to fund availability and restrictions at Ross and the University of Michigan broadly.<\/p>\n\n\n\n<p class=\"has-text-align-center\"><strong>Full time MBA that graduated before May 2021 are not eligible for Impact Advantage; please see <em>Ross Loan Repayment Assistance Program<\/em>, below.<\/strong><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p class=\"has-text-align-center\"><strong>All other non FT-MBA program graduates please see <em>Ross Loan Repayment Assistant Program<\/em>, below.<\/strong><\/p>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity is-style-wide\"\/>\n\n\n\n<p><a id=\"LRAP\"><\/a><\/p>\n\n\n\n<h1 class=\"wp-block-heading has-text-align-center\">Ross LRAP<\/h1>\n\n\n\n<p>The Ross Loan Repayment Assistance Program provides financial assistance to all other Ross graduates&nbsp;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\u2019s financial position and that of the applicant\u2019s immediate family. Must reapply each year.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/rossweb.bus.umich.edu\/financial-aid\/wp-content\/uploads\/sites\/4\/2021\/01\/2022-LRAP-General-Guidelines.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">View LRAP Program Guidelines and Application Process (pdf)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/rossweb.bus.umich.edu\/financial-aid\/wp-content\/uploads\/sites\/4\/2025\/09\/2025-lrap-historical-report.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">View a table of historical LRAP award amounts (pdf)<\/a><\/li>\n\n\n\n<li><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-kb-palette-12-color\">2026 LRAP Application is currently closed.<\/mark><\/strong><\/li>\n<\/ul>\n\n\n\n<p class=\"has-text-align-center\">Subject to fund availability and restrictions at Ross and the University of Michigan broadly.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity is-style-wide\"\/>\n\n\n\n<p><a id=\"PSLF\"><\/a><\/p>\n\n\n\n<h1 class=\"wp-block-heading has-text-align-center\">The Public Service Loan Forgiveness Program (PSLF)<\/h1>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>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 <a href=\"#Income Driven Plans\" target=\"_blank\" rel=\"noreferrer noopener\">IBR and PAYE<\/a>.<\/p>\n\n\n\n<p>The following publications offer details about the requirements for forgiveness: Federal Student Aid website, help tool, and Q&amp;A. There is also a form that borrowers can complete to track their progress.&nbsp;<\/p>\n\n\n\n<p>About the Public Service Loan Forgiveness Program(link is external)&nbsp;&nbsp;<\/p>\n\n\n\n<p><a href=\"https:\/\/studentaid.gov\/manage-loans\/forgiveness-cancellation\/public-service\" target=\"_blank\" rel=\"noreferrer noopener\">Federal Student Aid Help Tool<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/studentaid.gov\/manage-loans\/forgiveness-cancellation\/public-service\/questions\" target=\"_blank\" rel=\"noreferrer noopener\">Public Service Loan Forgiveness FAQs<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/studentaid.gov\/manage-loans\/forgiveness-cancellation\/public-service\/public-service-loan-forgiveness-application\" target=\"_blank\" rel=\"noreferrer noopener\">How to Apply for PSLF<\/a><\/p>\n\n\n\n<p><a id=\"Income Driven Plans\"><\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity is-style-wide\"\/>\n\n\n\n<h1 class=\"wp-block-heading has-text-align-center\">Income-Driven Repayment Plans<\/h1>\n\n\n\n<p>If your federal student loan payments are high compared to your income, you may want to repay your loans under an&nbsp;<a href=\"https:\/\/studentaid.gov\/manage-loans\/repayment\/plans\/income-driven\" target=\"_blank\" rel=\"noreferrer noopener\">income-driven repayment plan<\/a>.<\/p>\n\n\n\n<p>Income-driven repayments plans allows borrowers to pay back their federal loans on the basis of their income and&nbsp;family size at the time of repayment.<\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-16018d1d wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/studentaid.gov\/loan-simulator\/\" target=\"_blank\" rel=\"noreferrer noopener\">Loan Repayment Simulator<\/a><\/div>\n<\/div>\n\n\n\n<figure class=\"wp-block-table\"><table><thead><tr><th class=\"has-text-align-center\" data-align=\"center\">Income-Driven Plan<\/th><th class=\"has-text-align-center\" data-align=\"center\">Description<\/th><th class=\"has-text-align-center\" data-align=\"center\">Repayment Period<\/th><\/tr><\/thead><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\">Income-Base Repayment Plan (IBR)<\/td><td class=\"has-text-align-center\" data-align=\"center\">Generally 10 percent of your discretionary income if you&#8217;re a&nbsp;new borrower&nbsp;on or after July 1, 2014*, but never more than the 10-year Standard Repayment Plan amount<\/td><td class=\"has-text-align-center\" data-align=\"center\">20 years&nbsp;<em><small>*if you\u2019re a new borrower on or after July 1, 2014<\/small><\/em><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Pay As You Earn Plan (PAYE)<\/td><td class=\"has-text-align-center\" data-align=\"center\">Generally 10 percent of your discretionary income, but never more than the 10-year Standard Repayment Plan amount<\/td><td class=\"has-text-align-center\" data-align=\"center\">20 years<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Revised Pay As You Earn Plan (REPAYE)<\/td><td class=\"has-text-align-center\" data-align=\"center\">Generally 10 percent of your discretionary income.<\/td><td class=\"has-text-align-center\" data-align=\"center\">20 years if all loans you\u2019re repaying under the plan were received for undergraduate study 25 years if any loans you\u2019re repaying under the plan were received for graduate or professional study<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Income-Contingent Repayment Plan (ICR)<\/td><td class=\"has-text-align-center\" data-align=\"center\">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<\/td><td class=\"has-text-align-center\" data-align=\"center\">25 years<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><cite>The Ross School of Business Office of Financial Aid is a satellite office of the University of Michigan Office of Financial Aid. <\/cite><br>&nbsp;<\/p>\n<style class=\"advgb-styles-renderer\">.kb-row-layout-id252_4df4d9-78 > .kt-row-column-wrap{align-content:start;}:where(.kb-row-layout-id252_4df4d9-78 > .kt-row-column-wrap) > 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These programs are made available by the University of Michigan Ross School of Business, and the Federal Government.&nbsp; JUMP TO SECTION:Impact Advantage &#8211; Ross Program for FT MBA studentsRoss LRAP &#8211; Ross Program for&#8230;<\/p>\n","protected":false},"author":4819,"featured_media":0,"parent":183,"menu_order":4,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"_seopress_robots_primary_cat":"","_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","_lmt_disableupdate":"no","_lmt_disable":"","advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","_kad_blocks_custom_css":"","_kad_blocks_head_custom_js":"","_kad_blocks_body_custom_js":"","_kad_blocks_footer_custom_js":"","_kadence_starter_templates_imported_post":false,"_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"_kad_post_classname":"","ep_exclude_from_search":false,"footnotes":"","advanced-sidebar-menu\/link-title":"","advanced-sidebar-menu\/exclude-page":false},"categories":[33],"tags":[],"ep_post_type":[29],"class_list":["post-252","page","type-page","status-publish","hentry","category-financial-aid-resources","ep_post_type-page"],"acf":[],"taxonomy_info":{"category":[{"value":33,"label":"Financial Aid Resources"}]},"featured_image_src_large":false,"author_info":{"display_name":"Don DuChateau II","author_link":"https:\/\/rossweb.bus.umich.edu\/financial-aid\/author\/duck\/"},"comment_info":"","coauthors":[],"author_meta":{"author_link":"https:\/\/rossweb.bus.umich.edu\/financial-aid\/author\/duck\/","display_name":"Don DuChateau II"},"relative_dates":{"created":"Posted 5 years ago","modified":"Updated 6 months ago"},"absolute_dates":{"created":"Posted on January 25, 2021","modified":"Updated on October 6, 2025"},"absolute_dates_time":{"created":"Posted on January 25, 2021 4:13 pm","modified":"Updated on October 6, 2025 10:23 am"},"featured_img_caption":"","featured_img":false,"series_order":"","_links":{"self":[{"href":"https:\/\/rossweb.bus.umich.edu\/financial-aid\/wp-json\/wp\/v2\/pages\/252","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/rossweb.bus.umich.edu\/financial-aid\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/rossweb.bus.umich.edu\/financial-aid\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/rossweb.bus.umich.edu\/financial-aid\/wp-json\/wp\/v2\/users\/4819"}],"replies":[{"embeddable":true,"href":"https:\/\/rossweb.bus.umich.edu\/financial-aid\/wp-json\/wp\/v2\/comments?post=252"}],"version-history":[{"count":27,"href":"https:\/\/rossweb.bus.umich.edu\/financial-aid\/wp-json\/wp\/v2\/pages\/252\/revisions"}],"predecessor-version":[{"id":4484,"href":"https:\/\/rossweb.bus.umich.edu\/financial-aid\/wp-json\/wp\/v2\/pages\/252\/revisions\/4484"}],"up":[{"embeddable":true,"href":"https:\/\/rossweb.bus.umich.edu\/financial-aid\/wp-json\/wp\/v2\/pages\/183"}],"wp:attachment":[{"href":"https:\/\/rossweb.bus.umich.edu\/financial-aid\/wp-json\/wp\/v2\/media?parent=252"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/rossweb.bus.umich.edu\/financial-aid\/wp-json\/wp\/v2\/categories?post=252"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/rossweb.bus.umich.edu\/financial-aid\/wp-json\/wp\/v2\/tags?post=252"},{"taxonomy":"ep_post_type","embeddable":true,"href":"https:\/\/rossweb.bus.umich.edu\/financial-aid\/wp-json\/wp\/v2\/ep_post_type?post=252"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}