Please check out our Info Sessions and Webcasts on Student Loan Repayment and Financial Literary.
LRAP and student loan repayment information for graduating students
LRAP Fall 2011 application deadline
The deadline for Fall 2011 LRAP is May 1 and our online application is now available.
Are your Loans eligible for Public Service Loan Forgiveness (PSLF)?
Only Federal DIRECT Loans (Stafford, GradPLUS and consolidation loans) are eligible for PSLF. If you borrowed federal loans under the Federal Family Education Loan (FFEL) program, you have the option to consolidate your FFEL loans with Federal DIRECT Consolidation Loans. Keep in mind that the consolidation loan will enter repayment immediately after graduation without a grace period. You may want to consider delaying the processing of your Direct Consolidation Loan until closer to the end of your grace period.
Use your PIN to look up your federal student loans in the National Student Loan Data System.: www.nslds.ed.gov.
Is LRAP taxable income?
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
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.
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:
LRAP Benefits for Civil Legal Assistance Attorneys: First-Come, First-Served
Re-posted from “LRAP News & Announcements” June 2010:
LRAP Benefits for Civil Legal Assistance Attorneys: First-Come, First-Served
Equal Justice Works reports that a new Federal loan repayment assistance program for civil legal aid attorneys is going to become available soon. The new program is called the Civil Legal Assistance Attorney Student Loan Repayment Program (CLAAP) and will assist already licensed graduates in the field of civil legal assistance with the repayment of eligible federal student loans. The attorneys will need to work full-time and remain employed for three years.
An attorney may be awarded up to $6,000 in repayment assistance in 2010 (actually received in 2011), and may be prioritized to receive assistance in future years if Congress continues to fund the program. An attorney may receive a lifetime maximum of $40,000 in assistance.
This program has been funded with five million dollars for the fiscal year 2010. The Department of Education will commit these funds to eligible civil legal assistance attorneys on a first-come, first-served basis.
Applications are expected to be due August 16, 2010. The date that applications will be available is unknown, but should be soon. Eligible attorneys should complete the application as soon as it is available because funds are unlikely to cover all applicants.
If you are enrolled in IBR and plan to apply for the Public Service Loan Forgiveness after 10 years of public service, please be aware of the ineligibility double-benefit clause pertaining to the loan repayment assistance program for civil legal aid attorneys and PSLF under CCRAA. Details are listed at Equal Justice Works.
The impact of CLAAP on LRAP support depends on your loan portfolio and repayment plan.
Welcome!
Welcome to Berkeley Law’s Loan Repayment Assistance Program (LRAP) blog!