How do I request my loan forgiveness award?
What is the goal of this program?
This program seeks to afford as many El Paso County high school students as possible the opportunity to pursue and achieve their undergraduate degrees.
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Am I eligible to participate?
All May 2005— June 2009 El Paso County high school graduates, who applied for the program by October 1, 2009, are eligible. Students must attend classes at an El Paso County institution of higher education at least half time and graduate within six years for a bachelor’s degree and four years for a vocational certificate or associate’s. Only CollegeInvest Stafford loans qualify for loan forgiveness.
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What does the program provide?
The program provides applicants with student loan forgiveness. Through this program, CollegeInvest will deduct (or forgive) up to $1,500 of an applicant’s CollegeInvest Stafford loan, once they’ve earned a bachelor’s degree, associate's degree or vocational certificate.
Here’s an example of how it works:
Julia graduates from an El Paso County high school and applied for GRP before October 1, 2009. She applies to and is accepted to a college in El Paso County. To help cover the costs of her education, she takes out a CollegeInvest Stafford loan. Upon earning her bachelor’s degree, Julia receives $1,500 in principal reduction on her outstanding loan balance. Julia’s loan totals $14,000 at the end of 4 years, so the program immediately reduces the principal to $12,500 when she graduates. Should Julia instead decide to pursue an associate’s degree or vocational certification, when she’s graduated, the CollegeInvest El Paso County Graduation Reward Program would forgive up to $750 for the associate’s degree and up to $300 for the vocational certificate.
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Why is the partial loan forgiveness withheld until graduation?
El Paso County recognizes that providing loan forgiveness as an added incentive to graduate may be just what a student needs to complete his or her degree.
College graduates have higher income levels and greater long-term earning potential than those with only a high school diploma or those who start a degree program but don’t finish. By providing an added incentive to graduate, El Paso County aims to maximize the impact of the program on the county’s long-term economic growth. We are confident that implementing this program will have far-reaching effects, including benefits to El Paso County’s economic development.
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At which schools can this program be used?
El Paso County graduates may participate in the CollegeInvest Graduation Reward Program at any El Paso County institution of higher learning that participates in the Federal Family Education Loan (FFEL) Program. More information can be found at www.studentaid.ed.gov.
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How do I request my loan forgiveness award?
If you registered to participate in the El Paso County Graduation Reward program, complete the GRP certification form and return it to CollegeInvest. You’ll need to include a copy of your college transcript, diploma or certificate for documentation of your graduation.
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