by Sam Halpert, PSJD Fellow (2014 – 2015)

Law school is expensive (no citation needed). For many legal jobs, including public interest and government sector ones, annual salaries often fail to measure up to the cost of a law degree. This isn’t a new problem, though. Future public interest lawyers have had to worry about their loans for a long time, and one of the key tools we have for dealing with our loan burdens is the LRAP.

LRAP is short for Loan Repayment Assistance Program. (Mercifully, everyone that offers one seems to use the same acronym.) The terms and conditions vary widely, but they all aim to provide some sort of relief to lawyers in low-salaried, public-interest-oriented positions struggling to pay off the “Esq.” at the end of their names. Many, many pixels burn throughout the blogosphere advising prospective law students on the wisdom of inquiring into schools’ LRAP programs (see, e.g., MsJD’s 2013 piece on the subject).  If you’re interested in finding out more about these academic LRAPs, check out Equal Justice Works’ comprehensive list. However, odds are that if you’re lucky enough to have attended a school offering an LRAP you’re already aware of these programs.

What you may not know is that another category of LRAPs exist, based not on where you studied but on where you practice. If you work in one of twenty-three states (or the District of Columbia) you may be eligible to take part in these programs. The time to find out is now. For example, the DC Bar Foundation’s 2015 LRAP is holding two mandatory information sessions next month (the first is October 7^th). To find out whether an LRAP is available in your state, check out the ABA’s catalog of all 24 state-based programs.

If you don’t find your state on the ABA’s list, consider asking why. There were only 8 such statewide LRAPs in 2003, when the ABA Commission on Loan Repayment and Forgiveness published its Resource Guide for Creating State LRAPs for Public Service Lawyers. If your state isn’t currently offering assistance to its public interest lawyers, the ABA’s resources and the existing practices of half the states in the country might help you and your colleagues start a conversation and answer difficult questions about drafting, funding and implementing a program wherever you practice and pay your loans.

Over the last few years, homeowners have taken advantage of historically low interest rates to refinance their mortgages and improve their finances. But that hasn’t really been an option for federal student loan borrowers, though many loans borrowed during the last decade had rates of 8 percent or more.

That’s a good reason to support Elizabeth Warren’s Bank on Students Emergency Loan Refinancing Act (SB 2432), which would allow millions of individuals to refinance their student loans at lower rates.

Although you can’t refinance your federal student loans (yet!) there are powerful federal programs like income-driven repayment plans and Public Service Loan Forgiveness that can help. Get the details – and learn how President Obama’s proposal to cap Public Service Loan Forgiveness may affect that program.

Register for one of our free September webinars

• Tuesday, Sept. 16, 2014 from 3:00-4:00 p.m. EDT
  Pursuing Public Interest: What about my student debt?
  
  This is Part Two of our special webinar series for new law students. Click here to view a recording of Part One, Pursuing Public Interest: Equal Justice Works Programs, and sign up for Part Three, Pursuing Public Interest: Paving your own path.

• Thursday, September 25, 2014 from 3:00 PM – 4:00 PM EDT.
  JDs in Debt: What Law Students & Lawyers Need to Know about Managing Student Loans & Earning Public Service Loan ForgivenessThis is our regular free monthly webinar. You can also register for sessions in October, November and December.

If you register but cannot attend, you will receive a recording of the webinar you can view anytime.

Share and get involved!

Please forward this information on to anyone you think might benefit from it. Our student debt webinars are tailored for law students and lawyers, but the information is accessible and applicable to anyone who needs help managing their student debt.

And check out the Generation Progress campaign to tell Congress to support borrowers’ ability to refinance their student loans.

Equal Justice Works is a 501(c)(3) nonprofit organization dedicated to creating a just society by mobilizing the next generation of lawyers committed to equal justice. To stay up to date, follow us on Twitter (@EJW_org, #studentdebthelp) and on Facebook.

Will Public Service Loan Forgiveness be Capped?

In March, President Obama’s 2015 budget was released. To the dismay of many, it proposed capping Public Service Loan Forgiveness at $57,500. Now it is Congress’ turn to act.

Our July 31 webinar, Drowning in Debt! What Law Students & Lawyers Need to Know About Managing Student Debt & Earning Loan Forgiveness, will cover the good and the bad in President Obama’s budget proposal, what’s happening in Congress and the implications for both students and graduates. As always, we’ll also cover in detail what you need to know now about making your monthly student loan payments affordable and earning Public Service Loan Forgiveness.

Equal Justice Works is a 501(c)(3) nonprofit organization dedicated to creating a just society by mobilizing the next generation of lawyers committed to equal justice. To stay up to date, follow us on Twitter (@EJW_org, #studentdebthelp) and on Facebook.

Davis Levin Livingston, a Honolulu-based law firm, is offering a $3000 scholarship to support law students interested in public service.

The award requires candidates to write a short essay demonstrating their intention to pursue a career as a public interest lawyer. Interested students must also provide a letter of acceptance from their law school.

“Advocate is a synonym for lawyer,” said partner Mark Davis in the firm’s press release. “And there is no role more admirable in the practice of law than that of a champion for those abused by the system or circumstance. This scholarship is our way of encouraging the next generation of enthusiastic advocates to join the battle.”

The deadline to apply is July 1, with an award announcement expected in August. For more application info, see the Davis Levin website.

by Ashley Matthews, PSJD Fellow

If you’re trying to get a handle on student loans, check out this message from our friends at Equal Justice Works! They’ve got incredibly helpful resources and upcoming webinars (one is this Thursday, so mark your calendars):

The weather is cooling rapidly, but for many recent graduates things are heating up. That’s because many of them are at the end of their six-month grace period and entering repayment on their student loans.

Tempting though it is, this is not a good time for avoidance. If you or anyone you know is entering repayment, here’s a good overview of the steps you should be taking to manage your loans.

You should also check out our comprehensive e-book, Take Control of Your Future. It has the scoop on income-driven repayment plans that can reduce your monthly payments exactly how to earn ten-year Public Service Loan Forgiveness.

Last but not least, don’t forget about our free webinars. Our upcoming sessions are:

• Thursday, November 14, 3-4 p.m. EDT: What Every Public Interest Attorney Should Know About Student Debt Relief and Forgiveness

• Thursday, November 21, 3-4 p.m. EDT: Drowning in Debt? How Government and Nonprofit Workers Can Earn Public Service Loan Forgiveness

If you’re interested in keeping up to date on the student loan debate, don’t forget to check out the Student Loan Ranger. Last month we discussed the recently released ABA draft report on reforming law schools, looked at how the newly proposed gainful employment regulations could affect students, and delved into a new report that sheds light on why everyone dislikes Sallie Mae.