Other resources available for debt relief
In recent years, state bar foundations, the federal government and some public service employers have created debt relief programs.
Student/Graduate Debt Management Series
State-based LRAP Programs
Currently, twenty-three states offer loan repayment assistance programs to public service attorneys. Bar foundations, bar associations, independent nonprofits and others administer state LRAP programs.
In Oregon, the Oregon State Bar offers a loan repayment assistance program for public interest graduates who qualify under the Bar's guidelines. For information about the Oregon Bar program, visit: http://www.osbar.org/lrap.
For information on other state LRAP programs, visit Equal Justice Works
Federal Student Loan Forgiveness
The College Cost Reduction and Access Act of 2007 helps public services lawyers in two key ways:
- Lowers monthly student loan payments on federally guaranteed student loans (Income Based Repayment/ IBR). IBR reduces monthly payments for borrowers with "partial financial hardship," (high-debt/low-income borrowers)
- Cancels remaining debt for public service employees after 10 years of public service employment (Loan Forgiveness for Public Service).
For additional information, visit:
- http://www.equaljusticeworks.org/resources/student-debt-relief/income-based- repayment
- http://www.equaljusticeworks.org/resources/student-debt-relief/public-service- loan-forgiveness
Public Service Loan Forgiveness may be changing. Please read about President Obama's 2015 proposed budget changes here.
Employer-based LRAP Programs
Some federal agencies and civil legal services organizations offer LRAPs in order to recruit and retain highly qualified attorneys. For comprehensive information about employer-based LRAP programs, tax treatment of employer programs and a current list of Legal Services and Federal Agency programs, visit http://www.equaljusticeworks.org/resources/student-debt-relief/employer-based-lraps
Federally funded LRAP Programs for Prosecutors, Defenders and Civil Legal Aid Attorneys
The John R. Justice Student Loan Repayment Program offers loan repayment assistance to state and federal defenders and state prosecutors who agree to stay in their positions for three years.