Law School Discussion

Deciding Where to Go => Financial Aid => Topic started by: eyeoftheligrr on May 05, 2009, 11:28:36 PM

Title: LRAP Roundup
Post by: eyeoftheligrr on May 05, 2009, 11:28:36 PM
I thought it would be helpful for us applicants to have all debt forgiveness programs in one place, for comparison's sake.  The following list isn't complete and may not be accurate, so please post corrections/additions.  I'll add your information to the main list here.

Notably, almost every school sets a limit (cap) to the amount of forgivable loans they are willing to award.  You will see that I have neglected to post most of these caps.  Feel free to share your knowledge on this point.

All schools require graduates to work for an eligible employer, but I believe that most of these standards are pretty similar.  One point of contention may be clerkships.  If you know whether a school will award a forgivable loan to a graduate working as a clerk, please post.

Most schools require the graduate to contribute a percentage of adjusted income exceeding a certain amount.  Assume this is the case unless otherwise noted.

Adjusted Income   Graduate's contribution
$0-60,000                   0%
$60,001-inf.              25% of adjusted income over $60,000

0-42,000                     0%
42,001-48,000            20%
48,000-inf.                $1200+40%

0-50,000                      0%
50,001-65,000             15%
65,001-80,000             $2250+50%
8,001-inf.                   9,750+70%

0-50,000                    0%
50,001-inf.               34.5%

Base income figure may change from year to year.  The most recent is 47,621.
0-47,621                      0%
47,621-67,621             40%
67,622-77,621             50%

0-58,000                    0%
58,001-inf.               35%

0-60,000                      $10,000/year forgivable loan
60,001-72,000             "Award decreases proportionally"
*Loans are available for a maximum 7 of the first 8 years following graduation.

0-35,000                      0%
35,001-40,000             20%
40,001-45,000             $1000+40%
45,001-inf.                 $3000+60%

0-60,000                  ?
*80,000 loan cap

0-30,000                      0%
30,001-40,000             6% of TOTAL income
40,001-50,000             7% of TOTAL income
50,001-60,000             8% of TOTAL income

0-35,000                    0%
35,000-inf                50%

Graduate contribute 50% of adjusted income exceeding the SMA.  SMA varies depending on where you work.  Default SMA is $30,000.

Graduate contribute 50% of adjusted income exceeding the SMA.  SMA varies depending on where you work.  There are three SMA levels: 40,000; 43,000; 46,000.

0-42,000                      0%
42,001-63,000             35%
*105,000 loan cap

"Based on salary"         50%-80%
*Paging Observationalist

0-40,000                      0%
40,001-60,000             33%
60,001-inf.                 70%
*Minimum loan amount $1000

Washington requires a different contribution for every additional $1000 in salary.  Some samples:
0-25,000                      0%
35,001-36,000             35%
40,001-41,000             52%
46,001-47,000             71%

...and the formatting is all screwy, but my eyes are burning so that will have to wait.  Feel free to delve deeper into the rankings!
Title: Re: LRAP Roundup
Post by: HippieLawChick on August 31, 2009, 09:34:34 AM
Keep in mind that you should also investigate how the schools' LRAPs work with the College Cost Reduction and Access Act (CCRAA).  That law provides Income Based Repayment and Loan Forgiveness to lawyers in non-profits, public interest and gov't jobs.