Debt repayment assistance program

However, the average law student takes 20 years to pay off their loan, and there are even cases where repayment of these loans takes more than 45 years. These statistics may appear disheartening since debt does take an emotional toll, but here are some tips to help you repay your loans faster.

There are several federal student loan plans. If you have a federal loan after graduating, choose the best plan based on your income, student loan balance, and family size. Direct Loan borrowers sometimes qualify for loan forgiveness if they work for the government or a nonprofit. Research the requirements needed to earn forgiveness. You will need to have made qualifying monthly payments on an income-driven repayment plan while you were working full-time at a nonprofit organization or for the public sector federal, state, local, or tribal.

If you have a federal assistance loan, you can apply for repayment assistance through several programs. A ABA survey found that most law school graduates often owe more after graduating. One of the reasons is accruing interest. The best way to manage this is to pay the interest and some extra principal payments to prevent this increase.

Also, if you are paying off several student loans, consider consolidating them under one loan with the lowest interest rate, even if it means going to a private lender. The bottom line is to find the correct repayment term and monthly payment that fits your budget.

Legal professionals need several years to complete their studies and pass their bar exams before earning any money. Provided the participating attorney retains eligibility for the entire month period and fully complies with all of the requirements set forth in the loan agreement, the full amount of the loan together with all interest that has accrued on the loan shall be forgiven and cancelled on January 31, The Bar Foundation administers one loan assistance cycle each year.

The amount of loan assistance provided to each applicant will depend on the available funding and the number of qualifying attorney applicants.

If dates fall on a weekend or holiday, the schedule will resume on the next business day. If you have any questions, please do not hesitate to contact Pennsylvania Bar Foundation at or info pabarfoundation.