Sep 7, 2012 0
Paying your law school debt with a public sector job
Since the economic crash of 2008, an increasing number of young lawyers are entering jobs in the public sector as private firms have reduced their hiring. The trend itself is not an unfavorable one: More young lawyers are devoting their skills and talents to serving the public interest, while gaining valuable legal experience.
However, the rising cost of law school and, consequently, the amount of student loans facing lawyers upon graduation complicates this otherwise encouraging picture.
Starting salaries in government and nonprofit jobs have failed to keep pace with the rise in law school debt, meaning the need for financial assistance has increased for young lawyers who take jobs in the public sector. Law schools and federal and state governments have acted to ameliorate this challenge. They have enacted various Loan Repayment Assistance Programs.
The problem with LRAPs, however, is that many of them are subject to state and federal budget cuts and these programs are the first to go during these years of fiscal austerity.
Perhaps the signature piece of legislation providing federal loan repayment assistance to lawyers is the College Cost Reduction and Access Act, which in 2007 created the Public Service Loan Forgiveness Program. There are two important benefits of this program:


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