Loan Repayment Assistance Program for Law Alumni in Public Service
Loyola recognizes that many of its students who are interested in public interest careers find it difficult to pursue these careers because of high educational debt loads. To support their career aspirations, the law school provides loan repayment assistance to graduates who are employed full-time in low-paying public interest positions despite their high educational debt. Funding for this assistance is derived from donations made to the law school. The assistance is administered through a committee composed of law school administrators, faculty, staff and students.
Alumni seeking further information about eligibility, the application process, or contributing to the LRAP fund should contact Associate Director of Career Services Maureen Looker at mlooker@luc.edu or 312-915-7124.
Complete 2006 LRAP Application Packet (PDF)
The application packet is in the Adobe PDF file format. To download a copy of Adobe Acrobat Reader, click here.
PROGRAM DESCRIPTION
Award Year 2006
Loyola University Chicago School of Law is pleased to announce the 2006 Loan Repayment Assistance Program (LRAP) to ease the educational debt burden for its recent graduates who are engaged in full-time public service employment. In keeping with Loyola University Chicago's Jesuit tradition of encouraging students to be of service to others, the LRAP program offers "constructive support to enable our graduates to fulfill both their financial obligations and their desire to be of service," according to Dean Emerita Nina Appel, who initiated the program in 1998 in response to recommendations of the Public Interest Law Society, a student organization. In 2005, fourteen alumni were awarded LRAP benefits.
Any J.D. graduate of Loyola University Chicago between January 2001 and May 2005 may apply for LRAP benefits. Awardees can receive up to three years of awards within the five years after their graduation. Eligibility for assistance will be based on the applicant's status in calendar year 2006. A complete application package is available for download and includes the application form, employer verification form(s), documentation of principal balances of educational loans, and a brief personal statement.
Assistance awarded under the LRAP program is in the form of a loan, issued pursuant to the terms of a promissory note, to refinance educational debt. If the awardee continues to meet all eligibility criteria through the end of calendar year 2006, the loan will be canceled after submission of copies of 2006 federal income tax returns(s) and all other documentation required pursuant to the terms of the promissory note.
To be eligible for LRAP assistance, an applicant must be employed full-time for the 12 months of 2006 in qualified public interest employment. No person who has been employed by Loyola University Chicago in any capacity (part-time or full-time) in 2006 is eligible for LRAP assistance.
To be eligible for LRAP assistance, an applicant's total educational debt must be more than $60,000 as of January 1, 2006. Also, annual compensation from qualified employment must be $58,000 or less in 2006. For single persons, adjusted gross income for federal income tax purposes in 2006 must be less than $60,000. Total adjusted gross income for married applicants must be less than $80,000. Adjusted gross income can increase $14,000 for each dependent.
