Depending on your type of loan debt, your job, your annual income, and how long you have been out of law school, you will qualify for either LRAP integrated with the federal government’s Public Service Loan Forgiveness Program (PSLFP) or for Standard LRAP.
Most recent graduates with federal Direct Loans will be eligible for integrated LRAP. Under this Integrated LRAP, it’s possible to earn up to $80,000 and have no monthly payment on your law school loans at all. (And at NYU Law, if you’re married and file taxes separately, your spouse’s income will not be part of this calculation.) Qualified jobs include government positions at the city, state, and federal government level and 501(c)(3) organizations.
Those who pursue public interest work not covered by PSLFP, who do not apply immediately after graduation, or who have mostly private debt, will be covered by the Law School’s Standard LRAP. Under this 10-year program, your LRAP-eligible debt will be fully covered if you earn under the Standard LRAP Base Salary for your graduation year (Income Scale for Standard LRAP). Eligible jobs include those at public interest law firms, public interest self-employment, and positions in foreign governments, as well as those in organizations such as the United Nations and the World Bank. NOTE: Loans borrowed to cover the Student Contribution, as calculated by NYU, are ineligible for any coverage under LRAP.
Find out more about how LRAP can work for you. Contact us at law.lrap@nyu.edu to set up an appointment with an LRAP administrator.