NOTE: As the University makes every effort to structure assistance to be tax favorable to the recipients, we also balance the need to expand the availability of this assistance to graduates who may not necessarily qualify under the tax-free loan forgiveness rules. To the extent that the University determines the loan repayment assistance may not qualify as tax-free, the University may report the payments on a Form 1099. Generally, the University treats as non-taxable, forgiveness if the borrower works for a 501(c)(3) or domestic government and the educational loan is domestic government sourced or Northwestern University sourced. Note, the 501(c)(3) employer cannot include Northwestern University. Generally treated as taxable are all other scenarios (when working for a 501(c)(4), a 501(c)(6), foreign government, when educational loan is privately or commercially sourced).The University does not provide personal tax advice. We encourage recipients to contact a professional tax advisor for assistance with their personal income tax questions concerning their loan assistance award. The information herein is for general University informational purposes only and should not be relied on for personal tax assistance.
|Amount Subject to Repayment||Repayment Period|
|$1 to $5,000||Up to three years|
|$5,001 to $10,000||Up to six years|
|$10,001 and above||Up to 10 years|
B. Loan Consolidation / Acceleration
Kellogg’s Financial Aid Office will administer the program with input from an Advisory and Selection Committee. The Committee will review and evaluate the application in terms of the applicant’s income and debt levels with respect to the LAP’s objectives and available resources.
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For the KSEA Award: