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Law School Loan Repayment Assistance
Repaying hundreds of thousands of dollars in law school loans can be a daunting task. Many law professionals wonder at one time or another if there is some way to have some or all of their law school loans cleared. There are actually law school loan repayment assistance programs offered by many schools as well as the federal government.
If you meet the stringent requirements for these programs, you can have your loan mostly or completely charged off in as few as five years. You should contact your law school for details specific to your school and degree to be sure of what you can avail, but the following is basic information and eligibility requirements.
Introduction to Law School Loan Repayment Assistance
Law school loan repayment assistance is generally offered to students who accept positions serving the public or government. These jobs are often low paying compared to other jobs in the field of law and the government seeks to offset the difference by offering to forgive law school loans in part or completely. What is hoped by offering such programs is that some of the people who opt for them will remain in the careers as public servants long term. The jobs accepted must be with non-profit organizations as designated by the IRS tax codes.
Law School Loan Repayment Assistance Eligibility
- Generally, you have to have a particular amount of law school loan debt incurred. This number is determined by the degree, job and school and is variable for each institution.
- You have to take a full time job in a field that makes use of your law degree but pays below a particular level. The job must serve the public interest, for example as an employee of the US government. This, too, is determined by the degree, job and school and is variable for each institution.
- In many cases there is a defined period wherein you are eligible for law school loan repayment assistance. You have to prove your eligibility for the assistance with the application and any requested information about income, job performance and public sector. You will likely have to renew the application annually.
- Some law school loan repayment assistance programs have a capped amount of funding so you cannot be forgiven above a certain level. It is important to be aware of any fund capping so that you do not wind up defaulting on your loans because you assumed that they were completely forgiven.
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