Loan Repayment Assistance Program
DePaul University derives its name and fundamental mission from St. Vincent de Paul who advocated the acceptance of all people and devoted his life to helping the disadvantaged lead dignified lives. Consistent with his commitment to preserve human dignity, aid the poor and marginalized, and advance notions of justice and equality, the DePaul University College of Law Loan Repayment Assistance Program (LRAP) aims to encourage law students to seek careers in public interest law by easing the financial burden faced by graduates who dedicate their careers to public service and earn considerably less than those entering the private sector.
LRAP is a loan forgiveness program designed to assist DePaul law graduates with lower-paying public sector jobs to manage their educational debt. The program is funded by student fees and private donations.
DePaul University College of Law statistics for 2006 graduates:
| Average law school debt | ...................... | $105,000 |
| Median salary for public interest work | ...................... | $40,000 |
| Median salary for private practice | ...................... | $65,000 |
If a legal aid lawyer with $105,000 in outstanding law school loans earns an annual salary of $40,000, or $27,000 after taxes ($2,250 per month), $1,210 per month will go toward school loans over a 10-year period. This leaves $1,040 per month to cover all other necessary expenses including rent, food, insurance, transportation, healthcare and utilities.
* Salary after tax is based upon withholdings of one-third gross salary. Monthly debt payment is based on average Federal Stafford Loan borrowing of $105,000 at a fixed annual interest rate of 6.8 percent.
Eligibility
The LRAP committee may grant LRAP awards to eligible DePaul candidates who demonstrate the highest qualifications and the greatest financial need. The committee considers a candidate’s dedication to public interest law as evidenced by summer employment choices, present employment with a qualifying public interest organization, long-term career plans, volunteer and previous work experience, and organizational involvement. Priority is given to candidates who provide legal services to underserved, low-income or disadvantaged individuals or groups.LRAP awards are forgivable loans, not grants. They are used to repay a candidate’s law school educational debt and are not taxable income. The loan remains in effect as long as a candidate continues to meet all eligibility criteria throughout the duration of the loan term. LRAP award recipients are eligible to reapply for a maximum of five awards.
Overview of Requirements
- The candidate is a DePaul University College of Law graduate and has passed a state bar examination;
- The candidate has demonstrated commitment to serving the public;
- The candidate works at a nonprofit legal organization that does not provide loan assistance to its employees, or the candidate was not granted assistance by the organization
- For specific eligibility requirements, please review the document entitled Requirements and Guiding Principles
312.362.7212