Loan Repayment Assistance Program
Loyola's Loan Repayment Assistance Program
PROGRAM DESCRIPTION
Award Year 2007
Loyola University Chicago School of Law is pleased to announce the 2007 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 2006, seventeen alumni were awarded LRAP benefits.
Any J.D. graduate of Loyola
University Chicago between January 2002 and May 2006 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 2007. 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 2007, the loan will be canceled after submission of copies of 2007 federal income tax returns(s) and all other required documentation.
To be
eligible for LRAP assistance, an applicant must be employed full-time for the
12 months of 2007 in qualified public interest employment. No person who has been employed by Loyola
University Chicago in any capacity (part-time or full-time) in 2007 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, 2007. Also, annual compensation from
qualified employment must be $63,000 or less in 2007. For single persons, adjusted gross income for
federal income tax purposes in 2007 must be less than $65,000. Total adjusted gross income for married applicants
must be less than $85,000. Adjusted
gross income can increase $15,000 for each dependent.
Applications must be received by November 1, 2007.
