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Eligibility for Law School Loan Forgiveness
Whether you have made it through your undergraduate education and are preparing for law school or have completed law school, you will take an interest in law school loan forgiveness. Paying for a law school education is costly and most law school students have to take out law school loans to pay for some or all of their education.
Once you have graduated and passed the bar exam you are ready to begin your career in law. It seems like a great start for your life but you have to remember how you got to this point financially and deal with your debt. Law school loan forgiveness is an important and helpful way to relieve your debt and make a difference in society. Meeting the criteria to have your law school loans forgiven requires giving back to your community and gaining useful experience for your career in law.
Requirements for Law School Loan Forgiveness
You have to meet certain requirements to have your law school loans forgiven by the government. These include income, employment and application requirements. Not meeting any given part of these criteria can render you ineligible for law school loan forgiveness.
- You have to be employed in a legal position by a federal, state or local government facility that qualifies for non-profit organization status according to the IRS.
- You have to earn below a certain income level. The amount varies from state to state and sometimes within the state depending on your chosen field. You have to prove your income with tax returns and W-2 forms.
- You must re-apply annually to continue to benefit from law school loan forgiveness. In many cases your loan is forgiven by a certain percentage each year. Usually the loan can be totally forgiven within five years.
Process
- You have to submit your application for law school loan forgiveness to the law school financial aid office by their cut off date each year. This usually includes submitting an application, resume, earning statements (tax returns and W-2s), a debt statement that includes all educational debt information and proof of good standing on those loans.
- If you are married you may have to give your spouse’s income and debt information as well.
- Include a statement from your employer detailing your job tasks and an evaluation of you as an employee and your income projections.
- Once you are found to be eligible, the funds for your law school loan forgiveness will be sent directly to your lender in the amount stated for each year of service.
- This process must be repeated annually, even if you have to take a leave for family or medical purposes.
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