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Loan Repayment Assistance Programs and the College Cost Reduction and Access Act

Loan Repayment Assistance Programs and the College Cost Reduction and Access Act. June 2009. Rise in Median Private Law School Tuition 1987 - 2007. Rise in Median Public Non-Resident Tuition 1987 - 2007. Rise in Median Public Resident Tuition 1987 - 2007. Average Amount Borrowed.

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Loan Repayment Assistance Programs and the College Cost Reduction and Access Act

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  1. Loan Repayment Assistance Programs and the College Cost Reduction and Access Act June 2009

  2. Rise in Median Private Law School Tuition1987 - 2007 Source: American Bar Association

  3. Rise in Median Public Non-Resident Tuition1987 - 2007 Source: American Bar Association

  4. Rise in Median Public Resident Tuition1987 - 2007 Source: American Bar Association

  5. Average Amount Borrowed Academic YearPublicPrivate 2006-2007 $57,170 $87,906 2005-2006 $54,509 $83,181 2004-2005 $51,056 $78,763 2003-2004 $48,910 $76,563 2002-2003 $45,763 $72,893 2001-2002 $46,499 $70,147 Source: American Bar Association

  6. 2008 National Median Starting Salaries Sources: NALP 2008 Public Sector & Public Interest Attorney Salary Report and NALP 2008 Associate Salary Survey

  7. Commercial and Alternative Student Loans Should be Avoided

  8. Design Matters Not all LRAPs are created equal

  9. Questions to Ask About Any LRAP • Is there an income cap and what is it? • How is “income” calculated? • Are assets considered?

  10. Questions to Ask About Any LRAP • What employment qualifies? • Must I have a law license? • Must I be practicing law?

  11. Questions to Ask About Any LRAP • Which student loans are eligible? • Is there a minimum debt requirement? • How is the LRAP funded?

  12. Questions to Ask About Any LRAP • Is there a limit on how long I can participate? • Is there a cap on total assistance? • How are other LRAP benefits considered?

  13. Questions to Ask About Any LRAP • How much assistance does the program provide? • Loan or a grant? • What service obligation to I have and for how long?

  14. State-Based LRAPs • Is there a program where I want to practice? • What employment is covered? • Must I live in the state? • Are graduates of state law schools given preference?

  15. Employer LRAPs Nearly always taxable as income

  16. College Cost Reduction and Access Act

  17. Eligible Debt: $115,000 Starting Salary: $50,000 Monthly Payment Year 1: $430 Monthly Payment Year 10: $635 Total Paid: $63,220 Total Forgiven: $129,980

  18. Higher Education andCollege Opportunity Act (HEOA)

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