Law School Discussion

College Cost Reduction & Access Act of 2007 (Loan repayment just got easier)


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For those who are worried that you won't be able to repay your student loans unless you take a high paying Biglaw job, the College Cost Reduction and Access Act will save you (kind of)

Passed this fall, the CCRAA provides that you can use an Income Based Repayment scheme to repay your federal loans (Stafford, GradPlus) at only 15% of your discretionary income over the poverty level.  It also provides loan forgiveness for public interest lawyers after 10 years.

For an IBR (Income Based Repayment) calculatory, go to

For more info on the CCRAA, go to


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Wow - no interest in the biggest government program to help college grads since the GI Bill? 

I guess everyone is just interested in making money. The "I can't do public interest b/c of my law school debt" is just an excuse.

I'll believe it when I see it.

I am Penny Lane

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I've heard about this. Its a good option for someone who really does want to do PI but also wants to attend a top school.

I actually know of someone who is really excited about this, and will most likely take advantage of it... and is trying to convince me to do the same.

Quote from: dotlyn
PennyLane invented sweet. She has the patent on it. I tried to act sweet one time and she sued me.

I've been trying to tell other law students who have said that they're doing biglaw b/c they have to pay back the loans. It breaks my heart when most people I talk to (who said that they were doing biglaw just to pay debt) don't even seriously consider this option, and say something to to the effect of, "yeah, but I think I'll go do law firm for a few years, then I'll do public interest."

Oh, don't worry, I'm interested.  As Penny said, it's good to consider for those wanting to attend a top-notch school and go into this area of law. 

I'm strongly considering public-interest law, so I'm definitely going to read the fine print on this!

To me, it's even more helpful for those who don't go to top schools, which generally have better LRAP programs (or any at all, compared to a lot of schools that do not have any).

Without this legislation, students at top schools at least still had LRAP. Students at most T2-4 schools now have the option of at least making ends meet while pursuing a career in public interest.

Lovely piece, Teacher.  Very thought-provoking.

I wonder what percentage, however, will give up on the BigLaw lifestyle in the future.  The initial lure of financial security and even prosperity may not prove as potent once that goal is met.

My experience is that very few leave biglaw to pursue public interest. Sometimes it's because public interest employer would rather hire people who are dedicated to the cause. But other times, after making 160+k and settling down, it becomes financially impossible to take the pay cut.


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Tag because I would love to get dough to work in PI.