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LRAP: Emory University School of Law

Published July 2010, last updated August 2010

Loan Repayment Assistance Program

How it Works
Emory University School of Law graduates enrolled in the Loan Repayment Assistance Program (LRAP) receive a fully forgivable loan to help meet law school loan repayment. LRAP award amounts are based on income and debt level. LRAP loans are forgiven in their entirety after one year of eligible employment.

LRAP participation is limited to five years.

Eligible Jobs
Graduates must be employed full-time in a position requiring the use of a J.D. The position must be in the public interest with either a nonprofit or government agency.

Federal judicial clerkships are not eligible but graduate’s may apply after their completion.

Eligible Debt
Only institutionally approved and certified law school loans are eligible for coverage. Bar exam loans are not eligible. Undergraduate and other graduate loans are not covered.

The program does not require enrollment in IBR.

Calculation of Graduate’s LRAP Award
LRAP awards are given according to the following table:

The income figure used for calculations is the higher of the graduate’s income alone or (if married or in a domestic partnership) ½ the joint income, where “joint income” includes a deduction for the spouse’s annual educational debt obligation.

If two Emory LRAP participants are married, each is treated as having ½ the joint income.

There is a $3,000 deduction for each dependent child.

Hypothetical Scenarios
Let’s explore just a few hypotheticals to see how Emory’s LRAP might function. In all situations below I assume the graduate receives the full amount for which s/he is eligible. It is advised that you consult with the Emory Financial Aid Office to determine the likelihood of this occurrence. (On the table of contents page you will find links to websites I used to calculate federal tax burden and yearly student debt obligations. Using these, you can input your own variables. Keep in mind that the take-home income amount does not reflect state or local taxes. Treat all hypothetical scenarios and amounts as approximations.)

Scenario One
An unmarried graduate.
Salary: $30,000
Salary less Taxes: ($30,000 - $4,081) = $25,919
Debt: $100,000 on a ten-year repayment plan at 6.8% interest
Yearly Debt Obligation (on ten-year repayment): $13,810
LRAP Award: $6,000 (maximum award for income level)
Take-home Income: ($25,919 - $7,810) = $18,109

Scenario Two
An unmarried graduate.
Salary: $45,000
Salary less Taxes: ($45,000 - $7,438) = $37,562
Debt: $100,000 on a ten-year repayment plan at 6.8% interest
Yearly Debt Obligation (on ten-year repayment): $13,810
LRAP Award: $3,000 (maximum award for income level)
Take-home Income: ($37,562 - $10,810) = $26,752

Scenario Three
A married graduate with no non-law school educational debt. The couple has two children. The spouse has $3,000 per year in educational loan repayment.
Graduate’s Salary: $50,000
Graduate’s Salary less Taxes: ($50,000 - $8,681) = $41,319
Graduate’s Debt: $100,000 on a ten-year repayment plan at 6.8% interest
Graduate’s Yearly Debt Obligation (on ten-year repayment): $13,810
Spouse’s Salary: $60,000
Income used for LRAP Calculation: (50% of ($50,000 + ($60,000 - $3,000)) - $6,000 [dependent deductions]) = $47,500
LRAP Award: $3,000 (maximum award for income level)
Graduate’s Take-home Income: ($41,319 - $10,810) = $30,509

Final Thoughts on the Emory University School of Law Loan Repayment Assistance Program
There is a total annual budget of $120,000 for the LRAP. If this amount is exceeded, benefits may be distributed on a pro-rated basis.

The maximum participation length for Emory’s LRAP is shorter than it is for most schools (five years). For this reason and because of the low caps ($6,000 max even with a salary under $40,000), Emory Law graduates may find it advantageous to enroll in IBR.