Salary caps increase for Loan Repayment Assistance Program
Attention students interested in public service: USC Law recently has increased the maximum salary requirements for its Loan Repayment Assistance Program (LRAP).
Created in 1987, LRAP is designed to help graduates working as attorneys in public interest, public service or government, as well as alumni in fellowships or judicial clerkship positions. Under the program, qualifying graduates are expected to apply a percentage of their earnings to their annual obligations for educational loan repayments. USC Law then makes a loan for the remainder of those obligations — which can include all student loan debt, not just the amount incurred while in law school.
To be eligible for LRAP, USC Law graduates living in such high-cost areas as Los Angeles, Chicago and New York must have an annual income of $45,000 or less (an increase of $5,000 from the previous maximum). A salary cap of $40,000 (an increase of $2,500) applies to those working in other cities.
“One of the main reasons we created LRAP is to encourage our graduates to pursue public service employment,” says Mary Bingham(pictured left), USC Law director of financial aid. “USC Law recognizes that the legal community has a responsibility to provide services to those who are unable to afford representation. Through LRAP, we hope to provide a bit of extra help to our alumni who are committed to providing such assistance.”
If a graduate works in qualifying employment for a specified period and continues to receive a salary within the qualifying income level, his or her LRAP loan will be forgiven in whole or in part, depending on the length of participation in the program.
“LRAP made it possible for me to do the public service work I wanted to do,” says USC Law dean of students Lisa Mead ’89 (pictured right), who participated in LRAP for five years — and entered the forgiveness phase — while directing a homeless assistance project for Public Counsel. “It really did make the difference in whether I would’ve been able to pursue my chosen career path. I thought it was an incredible benefit and was very grateful that it existed.”
To learn more about the program, contact Mary Bingham at (213) 740-2523 or mbingham@law.usc.edu. Information/application packets also are available in Room 104 and at http://weblaw.usc.edu/career/students/financing.cfm.
