Debt is one reality of the times we are living in. From credit cards to car payments and mortgages, there is nothing much one can do to steer clear of it. A middle-class lifestyle today has now become a lot more expensive than it once was. Education is also one aspect of the middle-class lifestyle, which despite being expensive is required to excel in career or at least earn a living.
However, college education is not as easy to attain as it once was. Colleges are more expensive as ever and with the influx of cash into their accounts, they are getting bigger and better providing students state-of-the-art facilities and the best professors in the country. But the price tag attached to degrees/education has made it difficult for people to obtain quality education.
To afford these facilities, one has to take a student loan that has to be paid out in many years, which can also be hard for some people.
To help some of these graduates with their loans, there are various state-funded and federal government-funded programs out there. Such programs help students pay off their loans and live a debt-free life. In this article, one such program, known as Loan Repayment Assistance Program, will be discussed to give you an idea of how to live a debt-free life.
What is a Loan Repayment Assistance Program?
The program aims to offer financial assistance to students and graduates of law schools having low paying jobs and working in government organizations or public interest fields. Generally, Loan Repayment Assistance Programs (LARPs) provide forgivable loans to students so that they can easily pay up their educational loans.
What these Loan Repayment Assistance Programs do is that they give the recipient a loan, which can be used to pay off their college debt. But it is a requirement that those who obtain assistance through the program remain with their current employer for a certain amount of time. They will still have to pay the loans, but once that defined tenure or period is over, the Loan Repayment Assistance Program will forgive the remaining debt.
There are also certain limits for one to qualify for a Loan Assistance Repayment Program:
- They should be law school graduates.
- They should be associated with a public interest sector or a government organization.
- They have to work for a certain amount of time to have their loans forgiven.
- There are also certain limits to their income. If their income exceeds that limit, they will no longer be eligible for a Loan Repayment Assistance Program.
There are different loan assistance repayment programs across the country that have been initiated to help students with education loans. They are administered by different law schools, state bar foundations, and state or federal governments.
Some Famous Schools that respond to Loan Assistance Repayment Program
There are various law schools that offer loan repayment assistance programs but the eligibility criteria don’t change. Don’t worry if you can’t find your school in the list, because if you are a law graduate from any school working in the public sector, then you can surely seek assistance
Boston College Law School
Graduates from Boston College Law School have been availing the facility of loan repayment assistance programs. They have been given sums ranging from $500 to $7,000 annually for the past many years. The prerequisite to qualify for the program is that the students should have graduated from Boston Law College in the past 5 years and should be working in the public sector. Their income should not exceed $57,500 per annum, which should only go up to $65,000 with annual increments after which they will no longer be eligible.
Cornell Law School
Cornell Law School has been providing its graduate grants under its Public Interest Income Protection Plan. These grants work as a Loan Repayment Assistance Program and are to assist students with their student loans who are working in the public sector.
Georgetown University Law Center
Georgetown University Law Centre also has a generous Loan Repayment Assistance Program in place to help their students associated with the public sector pay off their student debts. Their Loan Assistance Repayment Program works under the umbrella of Georgetown Loan Repayment Assistance Program.
Indiana University Maurer School of Law
Indiana University Maurer School of Law also has a similar program, which was initiated back in 2009 in the month of October. The program objectives are similar and have helped many students with the loan.