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Law School Expands Loan Repayment Assistance for Graduates
DURHAM, N.C. - Duke Law School has expanded its Loan Repayment Assistance Program (LRAP) to assist graduates working in legal positions that serve the public.
Many law students incur significant debt to finance their legal education. Duke Law School's LRAP program aims to ease that burden for graduates who choose to work in lower-paying public interest and government positions.
Revisions to the program, approved by the Duke Law faculty, will expand the number of graduates who are eligible for assistance by raising the salary cap to $75,000.
"Many of our graduates pursue careers in public service, and many of these positions are not well paid," said Dean David F. Levi. "During a time of economic uncertainty, when our graduates often carry considerable student loan debt, the Law School seeks to make good on its commitment to helping our graduates serve in the public interest. The expansion of our LRAP program does just that."
The changes are tied to the College Cost Reduction and Access Act of 2007 and aim to help graduates take greater advantage of federal government assistance for loan repayments.
The expanded LRAP program will cover 100 percent of loan payments for graduates making $60,000 or less, up from the previous cap of $35,000. The new program also provides assistance on a sliding scale to graduates making between $60,000 and $75,000 and eliminates the cap on lifetime loan forgiveness, which was $80,000.
Under the new plan, a participant whose salary remains under $60,000 for 10 years could achieve total loan forgiveness with zero out-of-pocket cost.
"This enhanced LRAP will greatly reduce the degree to which financing the cost of a legal education limits career options," said William J. Hoye, the law school's associate dean for admissions and student affairs.
Only federal loans qualify for the program, and recipients must be making payments using federal income-based repayment guidelines. The changes take effect during the 2010-11 academic year; Duke Law graduates of the Class of 2012 and earlier who are eligible to participate in the program will be able to choose between the new LRAP program and the old.
For more information on the LRAP revisions and the College Cost Reduction and Access Act, see Duke Law's financial aid website at http://www.law.duke.edu/admis/financial/lrap.
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