What is the NIH LRP?

What is the NIH LRP?

Overview. The NIH Loan Repayment Programs (LRPs) are a set of programs established by Congress and designed to recruit and retain highly qualified health professionals into biomedical or biobehavioral research careers. Rather, LRP awards are based on an applicant’s potential to build and sustain a research career.

How much does NIH LRP pay?

How are LRP payments calculated? What will my payments be? Payment projections are based on eligible educational debt at the start date of the LRP contract. The NIH will repay 25 percent of the eligible education debt, up to a maximum of $50,000 per year.

Does the NIH pay off student loans?

In exchange for a two-year research commitment, NIH will: Repay qualified educational debt up to $50,000 per year. Reimburse Federal and state taxes resulting from your repayment award. Repay qualified educational debt after completion of the two-year commitment through competitive renewals.

What is the Loan Repayment Program?

The PSLF Program forgives the remaining balance on your Direct Loans after you have made 120 qualifying monthly payments under a qualifying repayment plan while working full-time for a qualifying employer.

Who can apply for LRP?

Applicants must meet specific eligibility criteria: Be a U.S. citizen, U.S. National, or permanent resident. degree (except for the Contraception & Infertility Research LRP). Have qualifying educational debt equal to or in excess of 20 percent of their institutional base salary.

Which repayment plan will you be placed on automatically?

The standard repayment plan
The standard repayment plan is the basic plan for repaying student loans. You’re automatically placed in this plan when you start repayment, unless you select a different option.

What is the 10 year standard repayment plan?

The standard repayment plan has fixed monthly payments that you pay for 10 years (or up to 30 years if you have a direct consolidation loan). You’ll make the same monthly payment throughout the repayment period, fixed to ensure you’ll pay off your loan in a decade, with interest.

Will my student loans be paid off in 10 years?

If you don’t specifically choose another plan, your federal student loans will automatically be placed on the standard repayment plan, and there they’ll stay unless you decide to switch. The standard plan is designed to pay off your loans in 120 fixed payments over 10 years.

What are some disadvantages of using the standard repayment plan?

However, the downsides of these repayment options are:

• You pay much more in interest payments than you would otherwise.
• You spend more of your life making loan payments.
• You may end up with a higher interest rate than that of your original loan.

Why are federal loans generally better than private loans?

The interest rate is fixed and is often lower than private loans—and much lower than some credit card interest rates. The interest rate is fixed and may be lower than private loans—and much lower than some credit card interest rates. View the current interest rates on federal student and parent loans.

What are NIH loan repayment programs (LRPs)?

The NIH Loan Repayment Programs (LRPs) are a set of programs established by Congress and designed to recruit and retain highly qualified health professionals into biomedical or biobehavioral research careers.

Is NIH funding required to participate in the extramural LRP?

Research funding from NIH is not required to participate in the Extramural LRP, and Extramural and Intramural LRP awardees may apply for subsequent, competitive renewal awards as long as they meet Program eligibility. Although organized around broad research areas, the LRPs were never intended to fund research projects.

What is an LRP and how does it work?

The LRPs counteract that financial pressure by repaying up to $50,000 annually of a researcher’s qualified educational debt in return for a commitment to engage in NIH mission-relevant research.

What are the requirements to apply for the LRP?

No applicant will be excluded from consideration on the basis of age, race, culture, religion, gender, sexual orientation, disability, or other non-merit factors. Citizenship – You must be a U.S. citizen, U.S national, or permanent resident of the U.S. by the LRP award start date.