Loan Repayment Assistance Program (LRAP)
The Stanford Law School LRAP Calculator demonstrates how the Miles and Nancy Rubin Loan Repayment Assistance Program can help you cover your educational debt.
The program's built-in incentives encourage participants to remain working in the public sector, and these incentives are factored into resulting calculations. For example, the "seniority adjustment" that accommodates salary increases due to career advancement is already taken into account: Beginning the second year of public interest employment, $1,000 will be deducted from a participant's "LRAP Adjusted Gross Income" for every year of qualifying public interest employment.
To receive complete LRAP coverage of all educational debt, participants must stay in the program for ten years.
- Enter data only in the "Applicant's Inputs at Graduation" and "Annual Inputs" sections. (Newer browsers display a dashed line around these fields.)
- Print the calculation in landscape mode, ideally using a browser that supports shrink-to-fit (or manual) page scaling.
- If you find errors in the calculator or if you have questions, please contact Dave Walter (firstname.lastname@example.org).
Privacy. None of your input or calculated data is transmitted over the network. All calculations are performed locally within your web browser.
Part-Time Employment. Individuals working in qualifying employment part-time may still be eligible to receive LRAP benefits. Please refer to the 2014 LRAP Program Terms for details.
Business Expenses. For self-employed participants, up to 25% of receipts are allowed as a business expense and may be deducted from a participant's "LRAP Adjusted Gross Income." This calculator does not take such a deduction into account.
Unique Circumstances. This calculator will provide most participants and prospective participants with an accurate estimate of personalized LRAP benefits. If you have unique financial or employment circumstances, this calculator may still be a valuable resource, but you should consult the 2014 LRAP Program Terms or contact a member of the LRAP Committee.
Disclaimer. This calculator is for informational purposes only and does not promise or guarantee any benefits. Please refer to the 2014 LRAP Program Terms.
Explanatory Notes (also available from the calculator application window)
- Not all financial aid is considered qualifying debt for purposes of loan repayment assistance. All federal and need-based loans, however, do qualify. Private loans taken out to cover amounts deemed "student contribution" or "family contribution" do not qualify. To determine your projected monthly payments for qualifying or non-qualifying debt, utilize any one of a number of loan repayment calculators. One such calculator is available online.
- To be deemed "qualifying employment," the participant's occupation must be (a) law-related and (b) public interest in spirit and content. "Law related" means that the position must substantially utilize legal training and skills. "Public interest" work is defined as: (1) work for an organization qualifying for tax exemption under Internal Revenue Code Section 501(c)(3) or 501(c)(5); or (2) work for a government unit, which includes federal, state, or local government (work performed for a foreign government may also qualify, but is subject to approval by the LRAP Committee); or (3) work for private employers (including self-employment or contract employment), at least fifty percent of which involves providing legal services on a pro bono, reduced, or court-awarded fee basis to persons or organizations who would otherwise not be able to obtain comparable services. In the case of private public interest employment, eligibility shall be determined by the LRAP Committee on a case-by-case basis dependent upon the participant's ability to verify the nature of his or her work and the percentage performed on a pro bono, reduced, or court-awarded fee basis. Judicial clerkships of up to two years may be covered by LRAP, but are subject to additional restrictions. Please see the 2014 LRAP Program Terms publication for further details.
- Your federal Adjusted Gross Income can be found on your federal tax return on line 21, if you use form 1040A. A participant's "LRAP adjusted gross income" will likely be different from the participant's federal Adjusted Gross Income. In addition, note that a taxpayer is now able to deduct from his or her federal Adjusted Gross Income interest paid on student loans. LRAP, however, does not consider this federal adjustment in determining award eligibility.
- Any substantial physical and financial assets over $130,000 will be included as income. Any unearned income received during program participation, including an inheritance or major gift, must be treated as income in the year of its receipt.
- LRAP allows the participant to deduct $8,000 from his or her income for each of the participant's minor dependent children. In the case of two participants in LRAP with the same dependent children, the total number of children will be divided between the participants. For example, a married couple who participate in LRAP and have one child will each have $4,000 deducted from their income.
- In determining AGI for purposes of a graduate's Program participation, the married graduate will be treated as having the higher of (a) his or her individual income; or (b) half the joint income. Any educational loan payment for the spouse will be subtracted from the spouse's annual income. In the event both spouses are applicants under the Program and each spouse has a projected AGI under the LRAP income ceiling, each spouse will be treated as having half of the joint income.