Editor's Note: This is Part 2 of our Extended Income-Based Repayment protection plan blog series. If you haven't read part 1 yet, you can do so by going here.
In the first part of our Extended Income-Based Repayment (EIBR) protection plan blog series, we shared what the EIBR protection plan entails, what the plan covers, how the plan is covered, and the terms of the repayment protection window. In Part 2, we'll give you some insight into who is eligible for the EIBR protection plan, how you can apply for benefits, and we will also provide you with a basic EIBR application checklist. It is our hope that this information will help you better understand this plan so you can apply with confidence.
Who is Eligible For the EIBR Protection Plan?
In-School Eligibility Criteria:
In order to be eligible for the Extended Income-Based Repayment protection plan, there are some in-school requirements that students will need to meet while enrolled at Make School. We've detailed the criteria below:
Course Load: Students must enroll in the standard course load of 4 classes or more per term. The only exception would be if the student has been pre-approved for fewer courses due to accommodation or graduation requirements.
Satisfactory Attendance: Students who have been placed on an Attendance Performance Improvement Plan must meet attendance requirements the following term to maintain eligibility for the EIBR Protection Plan.
Job Readiness: Make School will publish a Job Readiness rubric at the beginning of each academic year that will output a score based on a student's academic performance, the state of their project portfolio, their performance in mock interviews, as well as other factors. Students must be 'On Track' during the spring of their first year at Make School, as well as during the fall and spring of their second year at Make School to maintain eligibility for the EIBR protection plan.
Job Applications: There is a score cutoff on the Job Readiness rubric that determines when a student is "Job Ready". Once a student is within 6 months of their projected graduation date and earns the "Job Ready" status, they must do the following: attend 2 or more networking events per month, apply to at least 10-position appropriate jobs each week, and send 5 or more LinkedIn "connect requests" each week to people who can be found using specific search strings.
Responsive Communications: Students must reply to staff, faculty, the Make School Outcomes Team, as well as any employer introductions made by Make School within 1-2 business days.
Out-of-School Eligibility Criteria:
In order to remain eligible for the EIBR protection plan, there are some out-of-school eligibility requirements that students will need to meet once they have left Make School:
Students must not be enrolled full-time in another school.
There must be no outstanding bill balance with Make School.
The student's total loan payment must exceed their EIBR percentage cap based on annual income.
Students must have a meeting with a member of the Make School Outcomes Team to create their job search plan.
How Do I Apply For Benefits?
If you are interested in our Extended Income-Based Repayment protection plan, read on to learn everything you need to know before you apply:
You must submit an EIBR benefits application at the beginning of the month or by the 15th of the month of which you seek to receive benefits.
You can apply before the 15th of the month for a payment that's due on the 1st of the next month to receive funds before your payment is due.
You will be required to provide a W-9 prior to payment of benefits.
Students will need proof of good standing from servicers of all outstanding student loans at the time of application for benefits.
Any overpayment will need to be returned if it is determined that your annual income for any given month in which you received benefits was different than what you reported.
You will need to provide evidence to Make School to show that funds provided under the last payment went directly toward paying down your loan balance if you have already received an EIBR benefit payment.
At the end of each calendar year, you must provide a copy of your federal tax return and supporting documents no later than April 30th of the following year.
Basic EIBR Application Checklist
There are a few items to keep in mind before you apply for our EIBR protection plan. We've created a helpful, step-by-step checklist which you can review below::
Submit your EIBR benefits application.
Submit a W-9 within the calendar year.
Submit proof of your current income if you're underemployed.
Submit your unemployment benefit documents if you're currently receiving unemployment benefits.
Submit evidence that the funds provided went directly toward paying down your loan balance if you have received EIBR payments in the past.
Submit a copy of your federal tax return and request any supporting documentation by April 30th of the following year if you have received EIBR payments in the past calendar year.
Make School takes pride in helping alumni by taking the financial stress off of their shoulders so they can focus on finding a job opportunity they love. If you're interested in learning more about the Extended Income-Based Repayment protection plan, you can visit our website.