preLaw Magazine - Spring 2008 - (Page 22)

Federal loan options Federal loans, particularly the Stafford Loan, are usually the first resort for borrowers. Most federal loans are need-based, but some higher interest loans are available regardless of financial circumstances. Find out the eligibility, repayment plans and interest rates for each available federal loan. Federal Loan Federal Stafford (Subsidized) Student Loan Unsubsidized Stafford Student Loan Eligibility demonstrated ﬁnancial need Maximum allocation Repayment Interest Rate Variable 4 percent loan disbursement fee. Capped at 8.25 percent. Variable 4 percent loan disbursement fee. Capped at 8.25 percent. Info http://studentaid.edu.gov/ students/publications/student_guide/index.html http://studentaid.edu.gov/ students/publications/student_guide/index.html $8,500/year — The 10-30 years — bemaximum aggregate total gin repayment six is $65,500 months after graduation Total Stafford Loan limit is $18,500, including Unsubsidized loans not to exceed $8,500. The maximum aggregate is $138,500. $6,000/year with aggregate of $40,000; amount includes undergraduate loans 10-30 years — interest begins to accrue from day loan is disbursed; repayment begins six months after graduation. 10 years — begin nine months after grauduation not needbased Perkins Loan demonstrated ﬁnancial need Fixed, 5 percent Contact school for more information Source: The Princeton Review Best 170 Law Schools 2008 Edition Many left public service within the first five years for more lucrative jobs in the private sector. “Nobody wanted to sign up for 25 years of repayments because they’d still be paying their own loans when their kids went to college,” Winograd said. Pennsylvania Law School Dean Michael Fitts said the law helps, but doesn’t solve the entire problem. “This act should help attract more talented people to public service, but it will not eliminate the need for law schools to have their own loan forgiveness programs,” he said. “Law school programs might become even more targeted in their support so that we see the maximum benefit from the combination of federal, state, school and other loan forgiveness efforts.” Regardless of how the final regulations take shape, one thing is certain: Law schools will need to become more proactive in counseling students and graduates about the various ways they can make public service an affordable career choice, Fitts said. “Having programs like this is a huge Because you’ll be making the world a better place. Because your clients will love you. Because you’re not just about the money, but about really accomplishing something, working side by side with distinguished faculty members on real cases. For all these reasons, The University of the District of Columbia David A. Clarke School of Law may be the right place for you to study law. Our school is not for everyone. But if you like the idea of being part of a spirited community providing legal services to our most vulnerable residents, there’s no better place. As a public school, the tuition is affordable. And there are numerous scholarship opportunities as well—after all, part of our mission is to make the law accessible and affordable for a diverse mix of talented and committed people. To learn more, visit our website at www.law.udc.edu, e-mail or call the Admission Office at lawadmission@udc.edu or 202-274-7341. www.law.udc.edu step,” Caminker said. “To recognize the programs is critically important, otherwise I worry that we wouldn’t have people follow their passion.” School LRAP programs While there are more school-based LRAP programs than ever before, many are still under-funded, so not all qualified candidates receive assistance in a given year. Generally, LRAPs give preference to the applicants with the highest debt-to-income ratios. And with many programs, once you earn even a dollar over the maximum income threshold you become ineligible for continued assistance under the program. “For most of our students, the federal program is not going to give them as much hope as our program would,” said Evan Caminker, dean at the University of Michigan Law School. “We won’t discontinue our program. What we will do is overlay our program on top of that program so they work in tandem.” Caminker said his school offers one basic program in which a set formula dictates how much support is offered to students. But unlike other schools, Michigan’s program is broader in that the school doesn’t have a definition of what jobs students have to take to receive the assistance. “We come up with a budget that we think is appropriate for them to pay and see how it relates to their student loans,” Caminker said. Continued on page 25 the scales of justice nothing tips The University of the District of Columbia David A. Clarke School of Law Learning Law in the Spirit of Public Interest like passion 4200 Connecticut Avenue NW, Washington, D.C. 20008 22 preLaw http://studentaid.edu.gov/students/publications/student_guide/index.html http://studentaid.edu.gov/students/publications/student_guide/index.html http://www.law.udc.edu http://www.law.udc.edu http://www.law.udc.edu

Table of Contents Feed for the Digital Edition of preLaw Magazine - Spring 2008

preLaw Magazine - Spring 2008 Contents From the Editor For the Record Large Gender Gap Remains Among Political Hopefuls Man Charged in LSAT Scam Barry Dean Recognized New Report Examines Legal Ed Drexel Receives Accredidation New Mexico No. 1 for Hispanics A Film Journey in Law A Law Student at Last Debt Salvation Great Law Schools for Minorities Grad Opts Out of Big Firm Job Specialties Helpful Advice

preLaw Magazine - Spring 2008

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