For Immediate Release
November 13, 2009

Media Contact:

Kara Tershel, (202) 662-9500

 

WASHINGTON, D.C. - Georgetown Law’s faculty approved a plan that will enable graduates who work in the public sector for 10 years – and earn up to $75,000 a year – to have all of their law school loans forgiven.  Georgetown Law’s new version of its Loan Repayment Assistance Program dovetails with the federal government’s new Public Service Loan Forgiveness Program, which became fully effective this year. 

"Many of our graduates work in federal, state, or local governments or in non-profit organizations that serve the public through work in public health, education, environmental protection, criminal defense, human rights and many other areas of need," said Georgetown Law Dean T. Alexander Aleinikoff.  "Our new loan forgiveness program, together with the federal plan, will enable them to pursue long-term careers in these fields without becoming burdened by student loan repayment."

As a result of the two programs, Georgetown Law students who work for U.S.-based government agencies or nonprofit 501(c)(3) organizations for 10 years after graduation in a legally related capacity, and whose incomes remain less than $75,000, can borrow the entire cost of attending law school in the form of federally-guaranteed loans and have all of their loan repayments reimbursed by Georgetown Law and the remaining principal balance forgiven by the federal government.  Georgetown Law benefits would continue on a diminishing basis for incomes exceeding $75,000.

Under the new federal law, federally-guaranteed loans can be repaid, after graduation, through a new income-based repayment plan that generally limits repayment to approximately 10% of the borrower’s annual income.  At the end of 10 years of public service, the federal government will forgive the remaining balance.

The Georgetown Law faculty decided on Wednesday that the Law Center will reimburse out-of-pocket repayments for its graduates in eligible public service, effectively ending loan repayments for those who spend 10 years working in modestly paid public interest fields.  Current students and those entering next year will receive the full benefit of this plan.

About Georgetown University Law Center 

Georgetown University Law Center is one of the world's premier law schools. It has the largest full-time faculty in the nation and is pre-eminent in several areas, including constitutional, international, tax and clinical law. Drawing on its Jesuit heritage, it has a strong tradition of public service and is dedicated to the principle that law is but a means, justice is the end. With this principle in mind, Georgetown Law has built an environment that cultivates an exchange of ideas and the pursuit of academic excellence. It brings together an extraordinarily varied group of teachers, scholars and practitioners, as well as an outstanding student body representing more than 60 countries.