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Haverford Student Loan Debt Relief

The endowed fund for Haverford Student Loan Debt Relief, made possible through a generous grant from the Jaharis Family Foundation, is designed to assist students for whom debt from student loans would prove to be a genuine burden, such as for those who choose careers of high societal value but low remuneration or who are temporarily unemployed.

The Fund will be available as of July 1, 2019 to the first cohort of eligible students (the Class of 2019) and thereafter in perpetuity.

  • Eligibility Criteria and Additional Information
    Eligibility Criteria:
    • Eligible students are those who had a standard loan expectation as part of their financial aid package. The “standard loan expectation” is the loan amount based on family income level and that is part of the self-help portion of a student’s financial aid award.
    • Only loans up to the amount of the standard loan expectation and used for one’s Haverford education are eligible for coverage. Loans that a student may incur beyond the levels of the standard loan expectation are not covered by this program.
    • Students may apply to Haverford for student loan debt relief by August 31 of their graduation year and each subsequent year for up to a total of three years of student loan debt relief.
      For each eligible year, the endowed fund will provide resources to the student up front in the form of a single annual payment on/before November 15 each year of eligibility so the graduate can make timely student loan payments, assuming standard loan deferral timing and programs, recognizing there may be some variability in loan terms and/or future deferral periods for students and alumni and changes in the future loan programs related thereto. Haverford will refer to the student’s original financial aid records to confirm that the debt relief provided is only for the student loans expected by the Haverford financial aid package. (The student is ultimately responsible for all of their loans.) The Haverford Student Loan Debt Relief funds seeks to offer a helping hand, and in no way represents a legal obligation on the part of Haverford, or the Jaharis Family Foundation.
    • To be eligible to receive debt relief, candidates cannot have access to other loan deferral programs and options (such as enrollment in graduate school, armed services, Teach for America, disability insurance, etc.) and must meet at least one of the following criteria:
      1. are unemployed; and/or
      2. have a low income trajectory due to choice of profession; and/or
      3. are facing difficulty pursuing their intended professional goals because of financial hardship.
    Additional Information:
    • The Haverford Student Loan Debt Relief program will provide debt relief up to the limit of the available annual income from the endowed fund established for this purpose. Priority will be given to recent graduates as they establish themselves in their chosen careers.
    • If graduate demand exceeds available funds, then the College will determine best allocation based on need and anticipated earnings trajectory, if known. Such determinations will be made by a Committee appointed by the President.
    • For tax purposes, based on current assumptions, the IRS may treat the debt relief payments as income to the recipient (i.e. graduate). Recipients are encouraged to discuss such with their tax advisor. The College will provide the graduate with the appropriate annual form for miscellaneous income for individual tax filing requirements.
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How to Apply:

Individuals who are eligible to apply for support through the Haverford Student Loan Debt Relief program will be notified by the Office of Admission during the summer,and will be provided instructions on how to apply.

Applicants will be required to complete an application and confirm their continued eligibility by submitting supporting documentation. Additional information will be provided to the Award Committee by the College’s Financial Aid Office regarding the amount of the assigned “student loan expectation,” actual loan debt incurred, and similar required graduate Financial Aid information.

The due date for 2020 applications is August 31. Complete applications and supplemental documentation must be submitted through the appropriate channels by August 31, 2020 in order to receive consideration.

For questions, please contact Jess Lord, Vice President & Dean of Admission and Financial Aid.

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