As the national conversation around student loan debt continues, and as the U.S. Supreme Court considers the Biden administration’s plan to forgive billions in student loan debt, law students are seeing their student loan debt rise.
A 2020 survey from the American Bar Association found that the average debt for law school graduates had risen to more than $150,000, with 95% of survey respondents saying they had borrowed money to fund their legal education.
Paul Leopold, director of financial aid at the Indiana University Maurer School of Law, offered a lower, but still significant, number for his school: an average of $90,000 in law school debt. Against that backdrop, Indiana’s law schools are taking steps to help their students handle their debt post-graduation.
Endowment opportunity
At Notre Dame Law School, supporting graduates in their student debt journeys means making changes to its Loan Repayment Assistance Program, an endowment-funded program designed to financially support alumni pursuing public interest careers.
Previously, the program, known as LRAP, covered salaries as high as $70,000. But under changes slated to take effect in 2024, that cap will be raised to $100,000, with upward adjustments for people with children.
The other new element coming to LRAP in 2024 is that it will work in tandem for the federal Public Service Loan Forgiveness program.
Under the revised LRAP, participating graduates will enroll in an income-based federal loan repayment plan that...
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