Lyon College is now offering loan repayment assistance to its graduates who come from nine area high schools and enter a teaching career. The new Loan Repayment Assistance Program (LRAP) helps repay federal, private alternative, and parent PLUS loans until the graduate is earning at least $40,000 a year.
If a graduate teaches for a year or two and then takes off a year or more to earn a second bachelor’s, master’s, or doctoral degree, LRAP will continue to assist with loan repayment during that time as well. It also offers an extension of up to three years to those working or traveling outside the U.S.
The amount LRAP will cover is on a sliding scale. If the graduate is earning $36,000 a year, for instance, LRAP will pay 20% of repayment costs. At $28,000 LRAP assistance rises to 60%, and the total cost is covered if pay is $20,000 or less.
Those eligible to participate in LRAP are incoming freshmen who graduated from Batesville, Cave City, Cedar Ridge, Concord, Hillcrest, Melbourne, Midland, Newport, or Southside High Schools and are majoring in education.
To check eligibility and get started, potential students should visit mylrap.org/lyon. Students or parents can also contact the Lyon Financial Aid office at 870-307-7257.
Lyon is more than just a college. It's a community distinguished by its academic curriculum, unique honor and social systems, and award-winning professors.