Fordham Law's Loan Repayment Assistance Program:

• For your Federal and private education loans approved by Fordham approved by Fordham.
• You must be employed full time in an eligible law-related position in a non-profit, public interest organization that qualifies under Section 501(c)(3) of the Internal Revenue Code. Law-related positions must include employment that substantially utilizes your legal training and skills. Lobbying activities and government employees are not eligible.
• There is an income cap of $58,000 with a base of $45,000.
• The maximum annual benefit (at $45,000) is $8,700. LRAP will be reduced by 20% of each dollar earned above $45,000.
• Net assets exceeding $25,000 will reduce the LRAP eligibility by 10% of the amount over $25,000.
• Loans are forgivable and so there is no tax consequence.

Federal Loan Repayment Assistance Programs:

• In addition to the CCRAA of 2007, there is another Federal Act authorized to help lower the burden of education loan debt. The College Opportunity and Affordability Act of 2008 created two new Federal Loan Repayment Assistance Programs. The first is for Civil Legal Assistance Attorneys and the second is for Prosecutors and Public Defenders.
• Civil Legal Assistance Attorneys who are employed full-time may receive up to $6,000 in a calendar year in Federal student loan repayment assistance, not to exceed a total of $40,000 per borrower.
• You cannot be in default on any of your Federal loans and you must sign a written agreement with the Secretary of Education stating that you will remain employed in the qualifying position for not less than three years.
  This agreement may be extended beyond the required period by entering a new written agreement.
• Awards will be made on a first come, first served basis and are subject to availability of funding.
• Prosecutors and Public Defenders who are employed full time may receive up to $10,000 in any calendar year in Federal student loan repayment assistance, not to exceed a total of $60,000 per borrower.
• You cannot be in default on any of your Federal loans and you must sign a written agreement specifying that you will remain employed as a prosecutor or public defender for a required period of service not less than three years unless involuntarily separated. An additional agreement may be entered into for a successive period of service which may require you to remain employed as a prosecutor or public defender in order for you to obtain additional benefits. However, the successive period may be for less than three years.
• Priority will be given to those who have the least ability to repay their loans, and awards are subject to the availability of funding.
• The Department of Education has yet to issue final regulations qualifying all of the above. Please continue to check the Financial Aid website for updates.