Simpson Advantage
A Loan Repayment Assistance Program

Believing in the investment of Christian higher education, Simpson University is pleased to announce a new loan repayment assistance program, offering an added measure of financial security to incoming freshmen.

SimpsonAdvantage will be offered at no charge to students entering their freshman year at Simpson University in fall 2015.

The benefits of the SimpsonAdvantage program are simple:

1. Safety net to students who borrow loans to complete their degree in pursuit of a Christ-honoring career in ministry or the marketplace.
2. Peace of mind for participating students as they start working in their chosen career path.

The SimpsonAdvantage program reinforces our institution’s enduring commitment to world service through the delivery of a quality faith-based education and continued investment in our future world-changing graduates.

Commonly Asked Questions

• Q:  Do students have to graduate from Simpson to receive benefits?

  A:  Yes, new freshmen students entering the SimpsonAdvantage program in Fall of 2015 and graduating within six years, will be eligible for benefits from LRAP if they meet other eligibility requirements.

• Q:  Do graduates have to be employed to benefit from loan repayment?

  A:  Yes, alums must work full time in the U.S. for a minimum average of 30 hrs/week to qualify for a proration of benefits OR 40 hrs/week for full benefits. Working multiple jobs is fine, and in any industry. Alums choosing graduate school or working internationally puts the benefits on “pause.”

• Q:  How do graduates receive help repaying their loans?

  A:  Assistance is provided in the form of quarterly reimbursements on graduates’ loan payments. Income and hours-worked determine the assistance level received. Alumni working full-time and earning less than $20,000 per year, would receive 100% reimbursement of their loans. Those earning between $20,000 and $38,000 would have prorated amounts paid back to them.

• Q:  What kinds of loans are covered?

  A:  Stafford, Perkins, PLUS, and private loans, taken up to $17,000 per year and no more than $70,000 throughout the undergraduate years.

• Q:  How much does the SimpsonAdvantage cost the student?

  A:  Simpson University is pleased to provide this benefit at no cost to students or families. We will pay for this new program out of our operations budget, to further reinforce our commitment to our students’ success and outcomes after graduation.

• Q:  Is SimpsonAdvantage available to all current students and alumni?

  A:  Unfortunately not. We are only able to pilot the program with new students (i.e. incoming freshmen) entering in the Fall of 2015.

Key Terms and Conditions

To be eligible for Loan Repayment Assistance:

1. Graduate from Simpson University.
2. Work after graduation.
3. Make your loan payments.
4. Your income level determines assistance relative to your thresholds.
   If your income is below the lower income threshold (as specified in your LRAP Offer Letter), you may receive reimbursement for the entire amount of your loan payments each quarter. As your income increases to the upper income threshold, the benefit is reduced proportionately. For example, if your income is half-way between the upper and lower income thresholds, you may receive half of the amount of your loan payments each quarter. Assistance will continue until your income increases above the upper income threshold or your loans are fully repaid.
5. Loan payment reimbursements are made quarterly.

Parent PLUS loans are also eligible for assistance, and assistance is based on the graduate’s income.

Simpson University has partnered with LRAP Association to power the SimpsonAdvantage program. Please visit myLRAP.org for more information.

Loan Repayment Assistance Program Terms and Conditions