Best Loan Forgiveness Programs? Forum

[Nestico87]

Apart from Yale, Harvard, and Stanford which law schools have the best loan forgiveness programs?

If I choose to work at a smaller private law firm that has a starting salary of $80k, which schools would best help me repay my debt? Is this a practical option if I am paying sticker price for a top 14 school?

After reading Michigan's program, it seems like this might be a possibility.

[soitgoes9]

NYU, Berkeley, and Penn are all good or have the reputation of being good. Although I only really looked into Berkeley in depth.

[danielhay11]

Look into Chicago's LRAP. Not sure if small firm work will qualify, but it is a generous and broad program.

http://abovethelaw.com/2011/03/the-univ ... gram-lrap/

[mr_toad]

If you're interested in public sector work, Georgetown's LRAP program is really good. They cover all IBR payments for anyone in public sector (very few exceptions) making less than 75k per year, pro-rated phase out starting at 75k. Pre-supposes continued existence of IBR, but that's a different discussion.

Edit add: Sorry, missed that you're looking at smaller firm work @80k or so. Georgetown's LRAP would not help you with that, I believe.

[mel2010]

Apart from Yale, Harvard, and Stanford which law schools have the best loan forgiveness programs?

If I choose to work at a smaller private law firm that has a starting salary of $80k, which schools would best help me repay my debt? Is this a practical option if I am paying sticker price for a top 14 school?

After reading Michigan's program, it seems like this might be a possibility.

Like everyone else has said, be aware that most such programs exist for public interest jobs (government, nonprofit, etc). Skimming the interwebs for the schools you listed, it appears that Harvard and Stanford both limit their programs to public interest (though I could be wrong) while Yale and Michigan are open to low-paying private work. These schools do have income caps, of course.

Taking your $80k example, your annual contribution would be:
Yale: $6,750 plus 60% of income over $80,000
Michigan: depends on your total debt. If you have $100k debt, you'd pay about $6k/year. Also, once you earn more than $88k (although it'll be adjusted each year), you're no longer eligible for assistance.

Look into Chicago's LRAP. Not sure if small firm work will qualify, but it is a generous and broad program.

NYU, Berkeley, and Penn are all good or have the reputation of being good. Although I only really looked into Berkeley in depth.

Again, just glanced so don't take my word for it, but Chicago/NYU/Berkeley/Penn appear to all be restricted to public interest.

[soitgoes9]

Berkeley is public interest only.

[03121202698008]

Michigans is supposed to be top-notch.

[duckmoney]

I think HYS are the only ones that may cover private sector work, or work that wouldn't qualify for federal loan forgiveness. In general, it's biglaw, public interest or bust.

[03121202698008]

I think HYS are the only ones that may cover private sector work, or work that wouldn't qualify for federal loan forgiveness. In general, it's biglaw, public interest or bust.

I'm not positive about this...but I think Michigan's covers private sector work. It's based on income and builds on top of IBR.

[MrAnon]

Rare to find one that will repay for private sector work.

Rarer to find a private sector firm paying 80k.

[dixiecupdrinking]

I think HYS are the only ones that may cover private sector work, or work that wouldn't qualify for federal loan forgiveness. In general, it's biglaw, public interest or bust.

I'm not positive about this...but I think Michigan's covers private sector work. It's based on income and builds on top of IBR.

Many of them work on top of IBR, but only with the public interest subprogram in IBR (PSLF). The private-sector IBR is a 25-year program.

I believe you can appeal at NYU to get private firm coverage under LRAP, but even then it's only for firms exclusively doing civil rights work and that sort of thing. I don't believe any of them (outside HYS, apparently) cover private work generally. That's not really the point of most LRAPs.

[mel2010]

I covered each school mentioned, FWIW.

[dixiecupdrinking]

Yup, you're right about Michigan covering low paying private work. Good for them, more schools should do that.

[chris0805]

I'm always surprised that Columbia doesn't get a mention in these discussions. They are one of the only (if not THE only) school that gives a traditional and IBR-linked option. You LRAP benefits are your total loan payments (on a ten year schedule) minus 33 % of your income above 50K with the traditional program, and that same number minus 33% of your income above 71K if you take advantage of IBR. (This means that with IBR and your LRAP benefits, you can have $0 in payments with incomes well above 71k). Of course, your benefits in the second option are capped at the IBR payment. You can't get extra money to keep. It's a little confusing, but it's an incredible deal with no income cap.

Additionally, if you are in the traditional program, you can always choose to take your LRAP benefits and only make IBR payments, though you would have to return any "excess" LRAP benefits and, if you didn't begin with IBR, your benefits are calculated using the 50k threshold, not the 71k. Also, "private" firms are eligible provided they fit a "broad definition of public interest" whatever that means.

[mel2010]

^ Yeah, that's the reason CLS wasn't included here. It's a good public interest LRAP, but if OP was wondering about public interest at all then asking specifically about a "private law firm" was a strange way to go about it.

As you mentioned, in case that is what OP meant, CLS may cover private employment where "where the practice is limited to clients comparable to those served by government-supported and non-profit legal services organizations," as authorized by the school. I think the other schools mentioned who do PI only LRAPs have similar standards.

EDIT: are you using CLS' LRAP? If so, can I PM you with some questions about the technicalities? Not sure what I'm going to be doing after graduation but if it's PI I plan to be all over the LRAP.

[chris0805]

I am, I find it very helpful, and you should feel free to PM me.

[lawyerwannabe]

Duke's has caught up to the rest of the non-HYS T14 but the ones mentioned above appear slightly better still.