Got Loans?

If you have loans, you must become familiar with this new Blog. Authored by Heather Jarvis, a national expert on educational debt, Ms. Jarvis regularly posts topics, articles, links and advice to law students.

Bottom line ... if you have loans .... follow this Blog!!!!

Public Service Loan Forgiveness Webinar

Equal Justice Works, an IBRinfo partner, is hosting a webinar called Getting Your Student Loans Forgiven: How Government and Nonprofit Employees Can Earn Public Service Loan Forgiveness. This free webinar will be useful for anyone working for a government entity or non-profit organization who is interested in federal student loan forgiveness. Call in, ask questions, and learn more about this important program.
Space is limited, so participants must register NOW for the December 8, noon to 1 p.m. EDT webinar (11am CDT, 9am PDT).

Loan Relief

GETTING YOUR STUDENT LOANS FORGIVEN: HOW GOVERNMENT AND NONPROFIT EMPLOYEES CAN EARN PUBLIC SERVICE LOAN FORGIVENESS

Wednesday, August 18, 12:00 p.m. – 1:30 p.m. EDT

Space is limited, so participants are required to register at http://www.equaljusticeworks.org/

Loan Repayment For Eligible Graduates

The Civil Legal Assistance Attorney Student Loan Repayment Program was established to encourage qualified individuals to enter and continue employment as civil legal assistance attorneys. Under the Civil Legal Assistance Attorney Student Loan Repayment Program, an eligible student loan borrower, with one or more eligible loans, may receive up to $6,000 in student loan repayment for each year of completed service up to an aggregate total of $40,000. Loan repayment commitments are limited to the amount appropriated for the program for a given fiscal year by the Congress and are only available to eligible applicants until those funds are fully committed. Therefore, awards under this program will be available to eligible borrowers on a first-come/first-served basis.

If you are an alum working in the public sector, click HERE to determine if you are eligible. This is a great program and the funds will go QUICKLY!

Important Changes to IBR as of July 1, 2010

Updated rules for Income-Based Repayment recently went into effect to make the program more fair for married borrowers and those who owe more than when they finished school. Last year, more than a thousand IBRinfo subscribers sent letters urging the Department of Education to fix these problems, and those efforts paid off.

The updated calculator to determine if you qualify is available here. It is definitely worth checking out as some people will be eligible for IBR who weren't before.

Here is a summary of the changes that are now in effect:
Married Borrowers: When married couples both have federal student loans, they will no longer face higher IBR payments than their unmarried peers. For married borrowers who file their taxes jointly, lenders will factor in the couple's total federal student loan debt, as well as their total income, to calculate payments. Originally, IBR did not recognize that joint income has to cover both spouses' federal loan payments, resulting in payment requirements up to twice what two equivalent single people would have to pay.
Baseline Debt: IBR eligibility will be based on either the balance when the loan first entered repayment or the current loan amount, whichever is greater. This will allow borrowers whose loan balances have increased (often due to accrued interest during periods of deferment or forbearance) to qualify based on what they actually owe. (Note: This change only affects IBR eligibility, not payment amounts - your IBR payment amount is based on your income.)

For additional questions, click HERE.

More great news about loans!

A new loan repayment assistance program for civil legal aid attorneys is going to become available soon. The Civil Legal Assistance Attorney Student Loan Repayment Program (CLAAP) will repay a portion of eligible federal student loan debt for civil legal assistance attorneys who are employed full-time. The attorneys will need to remain employed for three years or pay the assistance back. An attorney may be awarded up to $6,000 in repayment assistance in 2010 (actually received in 2011), and may be prioritized to receive assistance in future years if Congress continues to fund the program. An attorney may receive a lifetime maximum of $40,000 in assistance.

For more information including application deadlines, click HERE.

The REAL story about public interest salaries

Do you ever wonder about the salaries of public interest attorneys? Equal Justice Works has done a great job of compiling information on this issue for students. Click HERE to learn more about salary information as well as access helpful tools including informational podcasts on a variety of financial topics.

Great News For Public Defenders & Prosecutors

The John R. Justice Student Loan Repayment Program (JRJ) provides loan repayment assistance for state and federal public defenders and state prosecutors who agree to remain employed as public defenders and prosecutors for at least three years. Repayment benefits cannot exceed $10,000 in any calendar year or an aggregate total of $60,000 per attorney. State agencies administering the John R. Justice Grant Program must ensure that funding for loan repayment is allocated equally between prosecutors and public defenders. State agencies must give priority to those eligible beneficiaries who have the “least ability to repay their loans.” For more information and details, click HERE.

Getting Your Student Loans Forgiven!

***UPCOMING WEBINAR***

GETTING YOUR STUDENT LOANS FORGIVEN: How government and nonprofit employees can earn Public Service Loan Forgiveness

• Wednesday, May 26, 11:30 a.m. – 1:00 p.m. EST
(10:30 a.m. CDT, 8:30 a.m. PDT)

Space is limited, so participants are required to register
at http://www.equaljusticeworks.org/

6 Steps to Reducing Your Student Loan Costs

Unless you are Donald Trump, everyone is worried about finances, debt, and the ability to pay back those loans. In a recent article by Kim Clark, "6 Steps To Reducing Your Student Loan Costs," students are advised about what they can be doing NOW in order to lessen the financial load.

If you can't get enough grants or scholarships, and have done all you can to reduce your costs, it may be a wise move to borrow—in moderation and carefully—for your graduate education. Studies show that graduate degrees often help boost career and earnings options. Still, because the economy is unpredictable, it's prudent to try to limit your debt. Here are some tips to reduce your graduate school debts.

1. Borrow as little as possible. Keep living expenses as low as possible and try not to borrow to fund them. Remember the old saying: If you live like a lawyer when you're a law student, you'll have to live like a law student when you're a lawyer.

2. Check out your future salary, and the earnings records of the graduates of your school, to see how much you can reasonably afford to put toward debt payments ... to continue reading the remainng four tips, click HERE.

Money For The Summer

Equal Justice Works is pleased to announce the launch of Summer Corps 2010. Summer Corps is an AmeriCorps-funded program that in 2010 will provide 577 law students with the opportunity to earn a $1,000 education award voucher for dedicating their summer to a qualifying legal project at a nonprofit public interest organization. Ninety-nine percent of law students last year said they would recommend the program to other law students, and with a series of improvements and policy changes this year, Summer Corps will be even more successful in 2010.

The application will be available on our website starting April 1, 2010. Program highlights and changes for 2010 include:
• Course credit policy change: For the first time, Summer Corps members receiving course credit are eligible for the program. Visit the website for more details.
• Summer Corps Standout awards and publicity: The Summer Corps Standout program launched in 2009 to recognize members for their innovative approach to meeting the needs of an underserved or marginalized person or community. Winners received an article promoting their service on our public interest blog (top 10 nationally among all law blogs) and website. They are also qualified as finalists to receive an Equal Justice Works Exemplary Public Service Award for a Student or Student Group. Scott Burrill (University of Iowa College of Law ’10) became the first Summer Corps member to win an Exemplary Public Service Award for a Student.
• Improved efficiency: The paperwork requirements have been drastically reduced to further improve the service experience. The Segal AmeriCorps Education Award is now available electronically and students are now able to apply the voucher soon after they finish their service.
• Being part of the movement: National service is as important as ever and law students play an important role. Summer Corps members have consistently reported that their summer internships solidified their commitment to public interest law, while reigniting their passion for the legal profession. As a result, Summer Corps has become a launching pad for the next generation of public interest attorneys.

If you or your students have any questions about Summer Corps , please contact summercorps@equaljusticeworks.org

This Just In ...

Congress has just passed legislation that puts an end to the FFELP lending program (the loan program currently used at Florida Coastal). All loans (Subsidized, Unsubsidized and Grad PLUS) will now be processed with the US Department of Education as the lender. This program is called Direct Lending.

There are many positive aspects to Direct Lending.
1) No more lender changes, you will have one lender and one lender only.
2) One single contact during the servicing and repayment of your loans.
3) You will have on line access 24/7 to your Direct Loan account information at www.dl.ed.gov
4) Access to multiple repayment plans.
For the most part the changes will take place “behind the scenes”. The awarding process will remain the same i.e. completing the FAFSA, Institutional Application, award notice, etc. Loan amounts will be the same as before.

It will however be necessary for ALL students to sign a new Master Promissory note with the Department of Education.

On Monday March 29th, you may begin signing your new promissory note at https://dlenote.ed.gov

Financial Aid will also host a town hall meeting on Thursday April 1 in Room 365 from 12:00- 1:00 for you to come and ask questions.

Do You Have Debt?

If you have debt, consider attending this free webinar which explains benefits from the College Cost Reduction and Access Act (CCRAA), the most significant law affecting public service in a generation. Whether you are interested in learning about lower monthly student loan payments using Income-Based Repayment or how to qualify for Public Service Loan Forgiveness, this presentation shows you how to do it. This free interactive webinar will teach you:

• Who will benefit most from Income-Based Repayment and Public Service Loan Forgiveness
• The top three points everyone should understand and convey to student loan borrowers interested in Public Service Loan Forgiveness
• Updates on the administration of Income-Based Repayment and Public Service Loan Forgiveness

Spaces are limited, so sign up TODAY.

Interested in learning more about managing student debt? Register today for a free webinar that walks you through what to expect with your student loans. Getting educated about your options is a great first step!

Thinking About Loans?

Still have questions about loan repayment and law school debt? Take a look at this Questions & Answers prepared by the U.S. Department of Education. This series of Questions & Answers takes a look at Income Based Repayment -- something that ALL graduates with educational debt should understand!

Lower Loan Payments?

According to the Los Angeles Times, the Obama administration wants to offer more debt relief to student borrowers. In a recent article, it was noted that

As part of the White House’s “middle-class” aid initiatives unveiled today, President Obama proposed that students making payments under federal college loan programs would have monthly payments capped at 10% of income exceeding a “basic living allowance.”

That would lower the payment cap for qualified borrowers from the current maximum of 15% of income. The 15% maximum took effect in July under the government’s income-based repayment program, although some very-low-income borrowers are making no payments at all under that program.

As an example, the White House said, the 10% cap would mean ... to continue reading the full article, click HERE.

The Numbers Are In

According to a recent report, the percentage of law students expecting to graduate with more than $120,000 in student debt is continuing its upward climb. Twenty-nine percent of law students surveyed said they expect to owe more than $120,000 at graduation, up from 23 percent in 2008, 19 percent in 2007 and 18 percent in 2006.

Where is any relief? Make sure that you are keeping tabs on federal programs designed to encourage public service in exchange for loan forgiveness. Now is the time to start doing your research on all of your financial options so that you can plan for the future.

Check out a recent Blog post which helps explain these programs. The first step towards managing your debt is getting educating about all of the great forgiveness programs.

Interesting Developments With Respect To Loans

The American Bar Association has been busy. In a recent article, "ABA proposes law student loan relief," it is noted that the The American Bar Association is lobbying the Obama administration and Congress to extend relief to recent law school graduates who went into debt to finance their legal educations but haven't been able to find a job because of the recession.

The ABA wants the government to let unemployed graduates convert private loans into federal ones. The change could allow them to defer repaying those loans for as long as three years.

The effort is in its early stages — executives of the largest provider ... to continue reading click HERE.

Getting Your Student Loans Forgiven.

This is a must attend for anyone with high student debt working for the government or a nonprofit. This free webinar explains how you can benefit from the College Cost Reduction and Access Act, the most significant law affecting public service in a generation.

From this interactive webinar, you will learn and be able to ask questions about:
How to qualify for Public Service Loan Forgiveness
How the new Income-Based Repayment plan works
How to figure out how much you can benefit

Space is limited, so participants are required to register at:

Wednesday, Oct. 21, 2 – 3:15 p.m. EDT (1 p.m. CDT, 11 a.m. PDT)https://equaljusticeevents.webex.com/equaljusticeevents/onstage/g.php?d=666556842&t=a
Monday, Nov. 2, 11:30 a.m. – 12:45 p.m. EDT (10:30 a.m. CDT, 8:30 a.m. PDT)https://equaljusticeevents.webex.com/equaljusticeevents/onstage/g.php?d=667344325&t=a

Do You Have Debt?

Check out the Student Loan Repayment Program Guide available online. Students can learn more about federal student loan repayment assistance, including which federal agencies are dishing out the most cash and what jobs are most likely to be on the receiving end of those funds. Stop ignoring your debt today!