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Loan
Repayment Assistance Program Implementation Cost Calculator
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This web calculator was created by Charles
W. Pruett, Assistant Dean for Financial Aid at Georgetown University Law
Center, as a companion to Coordinating Law School Loan
Repayment Assistance Programs with New Federal Loan Repayment and Forgiveness
Legislation
by Professor Philip G. Schrag and
Charles W. Pruett. Questions/comments
may be directed to pruettc@law.georgetown.edu
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NON-PROFIT
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Entering
Number of 501(c)(3) participants per year
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Enter the number of new
participants expected to enter each year
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Average
Starting Adjusted Gross Income (AGI)
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Enter the estimated average
starting salary for graduates working in a non-profit field
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Average
AGI Change Per Year %
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Enter the expected percentage change in
AGI each year
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Participant
Attrition # (Starts After Year 4)
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Number of participants
expected to leave the program per cohort year after year 4 in program*
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GOVERNMENT
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Entering
Number of Government Participants per year
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Enter the number of new
participants expected to enter each year
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Average
Starting Adjusted Gross Income (AGI)
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Enter the estimated average
starting salary for graduates working in a government position
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Average
AGI Change Per Year %
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Enter the expected percentage change in
AGI each year
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Participant
Attrition # (Starts After Year 4)
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Number of participants
expected to leave the program per cohort year after year 4 in program*
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INCOME
CONDITIONS
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Income
Phase-out Threshold
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Income point at which benefits begin to
be reduced or eliminated
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Income
Phase-out Rate (1 = dollar for dollar)
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Determines rate LRAP benefits
are reduced after threshold is reached. See below for more details
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Poverty
Level (1 in Household = $10,830 for 2010)
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Poverty Level in calculation is pre-set
to increase 3% per year
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Y1
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Y2
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Y3
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Y4
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Y5
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Y6
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Y7
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Y8
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Y9
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Y10
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COMBINED
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Number
of Particpants in Annual Cohort
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Cumulative
Participants in Program
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Average
Income/Mo
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Average
Income/Yr
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Average
Payment/Yr
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Average
Payment/Mo
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School
Monthly Cohort Cost
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School
Annual Cohort Cost
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School
Total Cost for Year
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NON-PROFIT
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Y1
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Y2
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Y3
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Y4
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Y5
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Y6
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Y7
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Y8
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Y9
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Y10
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Attrition
#
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0
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0
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0
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0
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Number
of Particpants in Annual Cohort
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Income
Growth Rate Percent
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Effective
Avg Coverage Income/Yr w/Cap
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Amount
Over Cap
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Average
Income/Yr
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Average
Income/Mo
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Average
# in Household
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1
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1
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1
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1
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1
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1
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1
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1
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1
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1
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Pov
Table 1 in Household
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Average
Payment/Yr
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Avgerage
Payment/Mo
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School
Monthly Cohort Cost
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School
Annual Cohort Cost
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GOVERNMENT
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Y1
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Y2
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Y3
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Y4
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Y5
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Y6
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Y7
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Y8
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Y9
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Y10
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Attrition
#
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0
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0
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0
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0
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Number
of Particpants in Annual Cohort
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Income
Growth Rate Percent
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Effective
Avg Coverage Income/Yr w/Cap
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Amount
Over Cap
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Average
Income/Yr
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Average
Income/Mo
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Average
# in Household
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1
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1
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1
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1
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1
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1
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1
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1
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1
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1
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Pov
Table 1 in Household
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Average
Payment/Yr
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Average
Payment/Mo
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School
Monthly Cohort Cost
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School
Annual Cohort Cost
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Notes:
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The results may be read left to right to determine the
indiviual cost for a cohort of participants as well as the estimated costs
for each for each year of the program.
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The Income Phase-out Rate lowers coverage levels for
participants once AGI rises above that level.
For example, with a Phaseout Threshold at $50,000 and the Income
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Phase-out Rate set at 1, a participant with an AGI of
$55,000 will have her benefits reduced to an amount equal to an IBR payment
for a $45,000 AGI. Phase-out
level
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($50,000) - Amount Over Cap ($5,000) = Effective Coverage
Income $45,000. Raising the Income
Phase-out Rate to 2 will change the Amount Over Cap to $10,000 and
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reduce the Effective Coverage Income to $40,000. This provides a method to wean participants
off from LRAP support.
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* Please note that a small entering
participating class, with an attrition rate that zeroes out the class before
Year 10, will yield "NaN" as a result in the Combined section. This should be read as a result of zero.
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