LRAP 2010 cancellation application

By Sigrid | Posted on

The deadline for LRAP Spring and Fall 2010 cancellation is on February 28, 2011.

LRAP documentation requirements:

·       Employment verification: Documentation that you remained in qualifying employment.

·       Monthly payments: You must provide your payment history by downloading a copy of your account statement from your lender onto your computer and converting it to a PDF file.  It is not acceptable to copy a segment of the statement and send it in the form of a Word document.

·       Qualifying payments:  Only your payments within a LRAP cycle (Jan 1 – June 30 and July 1 – Dec 31) qualify for cancellation. Payments made before or after a cycle will not be applied. LRAP guidelines mandate that you are enrolled in a structured repayment plan. To take maximum advantage of the LRAP, participants in the Standard Track are required to structure the repayment of their debt with a standard 10-year repayment plan.

The amount of LRAP loans forgiven will be no more than the actual scheduled loan payments made and based on your actual income. Participants cannot apply for a LRAP loan based on a 10-year repayment schedule, make payments that are less than that, and expect the entire LRAP loan to be forgiven.

LRAP and PSLF Employment Requirements

By Sigrid | Posted on

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 Benefits for Civil Legal Assistance Attorneys: First-Come, First-Served

By Corina | Posted on

 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.

Post-Graduate Career Development and Financial Planning for 3Ls

By Corina | Posted on

 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

By Corina | Posted on

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.