According to the IRS publication 970, Tax Benefits for Education, LRAP support is not considered a taxable income as long as the recipient is employed by a U.S. government agency or a 501 (c) 3 nonprofit. Please also see Rev. Rul. 2008-34: http://www.irs.gov/irb/2008-28_IRB/ar06.html
Is LRAP taxable income?
Public Service Loan Forgiveness (PSLF) and IBR
The following websites are great resources for more detailed information from the Department of Education about the federal PSLF and IBR:
Monthly Student Loan Payments
Do you want to figure out what your monthly student loan payments are going to be?
FinAid.org has a loan consolidation calculator which allows you to enter several student loans with various interest rates and repayment plans.
LRAP and PSLF Employment Requirements
CDO/FAO event on Wednesday, February 23, at 1:00 pm in 170 Boalt Hall.
Following a presentation about employment qualification for LRAP and the Public Service Loan Forgiveness (PSLF), a panel of three current LRAP participants will share their experiences and financial perspectives on pursuing legal careers in government and public interest organizations. The presentation will include information about the recently approved “Low Bono” and Union coverage under LRAP for up to seven 2011 graduates.
Pilot Program for “Low Bono”/Union LRAP Coverage
Dean Edley approved the extension of the “Low Bono” and Union coverage under LRAP for up to seven 2011 graduates.
LRAP 101
Re-posted from “LRAP News & Announcements” October 2010:
“LRAP 101” October 20, 2010 lunchtime presentation at Berkeley Law by Sigrid Allen, the Loan Repayment Assistance Porgram Coordinator:
Post-Graduate Career Development and Financial Planning for 3Ls
Re-posted from “LRAP News & Announcements” May 2010:
Webcast: Post-Graduate Career Development and Financial Planning for 3Ls incl. health insurance options after graduation (04/20/2010, approx. 1 hr.)
- Click here to see a pdf version of the powerpoint slides for the “Managing Your Student Loans” portion of the presentation.
- Click here to see a pdf version of the powerpoint slides for the “Health Insurance Coverage Options” portion.
NOTE: The Webcast and slides are intended to assist you with managing the repayment of your student loans and obtaining health insurance as you make the transition from completing law school to obtaining or starting employment. It is general information designed to enable you to be aware of pertinent issues. We advise you not to make important decisions based only on this information. Before you take any action (or decide not to take any action), we urge you to make an appointment with a representative from the Financial Aid Office and/or a representative from the Student Health Insurance Office to obtain an individual assessment of your student loan portfolio/repayment/health insurance options.
Managing the Repayment of Your Student Loans
Re-posted from “LRAP News & Announcements” February 2010:
A FAO presentation on 2/25/2010 at Berkeley Law on Managing the Repayment of Your Student Loans can be viewed as a webcast here (MP4 Quicktime video). You may also choose to open the accompanying Powerpoint presentation. The presentation covers points that include:
- an overview of general student loans and recent regulatory changes
- learning how to benefit from government programs designed to provide relief to graduates including the Public Service Loan Forgiveness Program (PSL) and the new Income Based Repayment Plan (IBR)
- an overview of LRAP, eligibility requirements and a IBR Track vs. Standard Track comparison
NOTE: The webcast and the slides are intended only to provide you with general information. Please make an appointment with a representative from the Financial Aid Office for an individualized assessment of your student loan portfolio and repayment options through email at LRAP@law.berkeley.edu or financial-aid@law.berkeley.edu.