Loan Repayment Assistance

Federal Income-Based Repayment Program

We strongly encourage all low-income graduates concerned about loan repayment to review and consider enrolling in the federal Income-Based Repayment Program (IBR), a program that could substantially reduce monthly loan payments. IBR assists borrowers by limiting repayment amounts based on salary and family size. In addition, graduates should consider the Federal Loan Forgiveness Program, which can lead to complete loan forgiveness (after 10 years of public service or 25 years of low-income work). Graduates do not have to work in public service to be eligible for IBR or the loan forgiveness programs. More information is available on the USF School of Law alumni webpage at www.usfca.edu/law/financialaid/ccraa.

USF Keta Taylor Colby Loan Repayment Assistance Program

The School of Law offers additional loan repayment assistance to graduates pursuing public interest work. The Keta Taylor Loan Repayment Assistance Program (LRAP) is designed to enable students with significant loan burdens to pursue careers in public interest law.

Beginning in Fall 2012, participating students will have two options. Option 1 is our traditional LRAP program. Option 2 provides additional loan repayment benefits for students who have enrolled in the federal government’s Income-Based Repayment (IBR) program (see above). Option 1 will be available only to students enrolling in Fall 2012 and earlier. Students enrolling in Fall 2013 and later will have only Option 2 or a similar IBR-based program.

The primary differences between the two options are:

(1) Eligibility threshold:

• Option 1 (Traditional): $60,000 annual income
• Option 2 (IBR-based): $65,000 annual income

(2) Applicant’s expected contribution toward loan repayment:

• Option 1 (Traditional): 10 % of income
• Option 2 (IBR-based):
  • Applicants earning less than $50,000: full reimbursement of IBR monthly payments.
  • Applicants earning $50,000-$65,000: graduate pays 35% of income over $50,000 toward IBR payments; School of Law pays the remainder.
  • Private loans: IBR includes only federal loans, not private loans. The Law School will assist repayment of private loans in a manner similar to the traditional LRAP program; see program guidelines for details.

Option 1 Guidelines

Option 2 Guidelines

Application Form for 2013 Funding