Berkley and Georgetown Law Schools Pick Up Loan Tab for Graduates Pursuing Public Interest
The National Law Journal reports that the University of California, Berkeley School of Law and Georgetown University Law Center have announced improved loan forgiveness programs that will cover all law school loan debt for many of their graduates who go on to work in public interest law for at least 10 years, making their legal education essentially free.
The loan forgiveness programs at Georgetown and Berkeley are designed to complement the College Cost Reduction & Access Act — a federal program intended to help borrowers manage their student debt that went into effect in July. The federal program is especially helpful for public interest workers, because the government will forgive the loan balance after the borrower has made payments for 10 years. Loan forgiveness applies to lawyers working at nonprofit organizations, government agencies and legal aid organizations.
Under the income-based repayment portion of the new federal program, monthly loan payments are capped at about 10% of the borrower's income. Both Berkeley and Georgetown will pay the entirety of those capped monthly payments for 10 years, until the federal government forgives the debt.
Berkeley's revamped program will pay all loan costs for graduates making up to $65,000 a year, while at Georgetown the new program covers all loan payments for those making $75,000 or less. Graduates with salaries above these amounts may also qualify some assitance on a sliding scale.