King Hall Loan Repayment Assistance Program
King Hall strives to produce high quality lawyers with a commitment to public service. To support our graduates pursuing careers in public interest and government, we offer the King Hall Loan Repayment Assistance Program (LRAP.) Through the LRAP, financial assistance is provided to King Hall graduates who perform law-related work for nonprofit organizations qualifying for tax exemption under IRS Code Sections 501(c)(3), (4), or (5) or who are employed directly by a local, state, or federal government agency. For more detailed information about the LRAP, please visit the Office of Financial Aid's LRAP information page and the LRAP/IBR/PSLF comparison chart.
Federal Income Based Repayment and Public Service Loan Forgiveness
In 2007 Congress passed the College Cost Reduction and Access Act. The CCRAA established two important programs for students with qualifying federal loans: Public Service Loan Forgiveness (PSLF) and Income Based Repayment (IBR.) These programs may be used simultaneously, meaning that payments made under IBR may qualify towards PSLF. IBR and PSLF are only available for federal student loans so students hoping to take advantage of these federal programs will want to make sure they take out federal loans and avoid private or commercial loans.
Public Service Loan Forgiveness
Under this program borrowers may qualify for forgiveness of the remaining balance due on their federal student loans if they:
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make 120 qualifying loan payments
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on eligible Federal Direct loans
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while working full-time (30 or more hours per week) in a qualifying public service position
Qualifying positions for PSLF may include:
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the government;
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a 501(c)(3) nonprofit organization;
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an full-time AmeriCorps position;
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the Peace Corps; or
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for a private "public service organization"
Income Based Repayment
Income-Based Repayment reduces the amount of the monthly payment on your federal student loans. Typically, if you earn less than you owe in federal student loans, you are eligible to choose IBR. To check if you qualify, an IBR calculator is available on the federal student aid website. Income must be verified each year. For many borrowers in IBR, your monthly payment amount will be less than 10 percent of your income.
For more information about these federal programs, visit:
U.S. Department of Education, Student Aid on the Web
https://studentaid.gov/manage-loans/repayment/plans/income-driven
Heather Jarvis, Student Loan Expert
IBR Info
Equal Justice Works
www.equaljusticeworks.org/student-debt-resources
* Equal Justice Works also offers regular debt relief webinars. Follow the weekly "Career News" and check the EJW website for upcoming dates.
For additional information about the King Hall LRAP or the CCRAA, contact Career Services at careerservices@law.ucdavis.edu.