- 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 must 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 forgiveness.
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 student/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 his/her 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 Foundation.
- 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 student/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.
- Debt relief will be provided for Haverford students/graduates who meet two or more of the following eligibility criteria:
- unemployed; and/or
- low income trajectory due to choice of profession; and/or
- do not have access to other loan deferral programs and option (such as enrollment in graduate school, armed services, Teach for America, disability insurance, etc.)
For tax purposes, based on current assumptions, the IRS is likely to treat the debt relief payments as income to the recipient (i.e. student/graduate). Recipients are encouraged to discuss such with their tax advisor. The College will provide the student/graduate with the appropriate annual form for miscellaneous income for individual tax filing requirements.