Financial support upon graduation

• The LAP is open to Kellogg graduates with financial need who borrowed U.S.-recognized financial aid loans while enrolled at Kellogg. These loans must have been certified by the Kellogg Financial Aid office. These loans include, federal, NU loans, or private education loans. Eligibility for this program is based on financial need. Need is defined as the cost of attendance minus the student's contribution and any scholarships or employer reimbursement. Please contact the Kellogg Financial Aid Office at finaid@kellogg.northwestern.edu if you have any questions.
• Kellogg alumni may participate in the program up to 10 years after graduation before their loan repayment schedules expire, provided they meet the income and employment requirements.
• Applicants must be current on loan repayments at the time of application and must be on the maximum length loan repayment schedule.
• Graduates who are eligible for and have received loan deferments or forbearance will not simultaneously be eligible for the LAP.
• Loan assistance will be terminated when individuals no longer meet the eligibility requirements listed below.

• Graduates employed by nonprofit organizations in the United States that are tax-exempt under sections 501 (c)(3), (4) or (6) of the Internal Revenue Code are eligible for the program.
• Employees of local, state or federal governments also are eligible.
• Recipients of the Kellogg Social Entrepreneurship Award are also eligible.
• To assist in the determination of eligibility, graduates working outside the U.S. for public or nonprofit organizations are required to demonstrate the legitimacy of their organization, either by producing certification from the organization’s host country or by demonstrating accreditation by an international organization.
• An applicant working abroad also must demonstrate how any cost of living allowances or stipends impact his or her ability to repay educational loans.

• A reasonable amount of assets will not disqualify an applicant for the LAP.
• A substantial amount of physical and financial assets (real estate excluded), however, may lead to a reevaluation of the candidate’s financial condition.

• Qualifying graduates with adjusted annual incomes of $125,000 or less are eligible for aid.
• Adjusted income is calculated as half of the combined spouse’s and alumnus’ salaries or alum’s salary if higher minus $5,000.00 for the spouse and $5,000.00 for each dependent.
• In order to ensure that all qualified applicants receive some support from the LAP, the maximum amount that an applicant may receive is up to $15,000.00 per calendar year with a maximum aid period of up to ten years’ maximum after graduation date if their monthly loan payments for their need-based loans borrowed while in attendance at Kellogg justify that level of aid.
• To further clarify, this program only includes education loans borrowed while in attendance at Kellogg that were considered financial need-based loans by the Kellogg Financial Aid Office when determining a students’ financial aid package.
• Kellogg’s LAP support for applicants with non-need based loans will be determined by a special committee. The total loan amount considered cannot exceed the cost of tuition.
• Support from Kellogg’s LAP is dependent upon availability of funds for each year.

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).

For the KSEA Award:

• Clearly and concisely articulates how the venture’s proposed idea will address the root causes or create systemic social change
• States the theory or framework on which you base your premise of social change
• Outlines a three-year implementation and operational plan, including staffing for functions such as client outreach, funding, distribution and marketing
• Indicates tangible results to date, if any
• Defines how outcomes and success will be measured, and how this measurement is an established effective practice or new to the field
• Explains how scale and sustainable impact will be achieved
• Indicates the financing support plan
• Provides a financial model with at least a three-year projection
• Summarizes the management team’s strengths and areas of needed management expertise, regardless of whether the expertise is currently in place
• Identifies missing/needed resources and pathways to access them

• Is the venture self-sustaining?
• Will the venture create significant social impact?
• Does the venture address a root cause or deliver enduring benefit?
• Is the approach innovative, unique or a significant improvement to existing approaches?
• Does the leadership have a clear idea & implementation strategy? Can they execute?
• Is there a demonstrated viable scaling plan?
• Has the leader demonstrated commitment to the idea and venture?
• Is the leadership well-positioned for success?