SOUTHWESTERN UNIVERSITY SCHOOL OF LAW LOAN REPAYMENT ASSISTANCE PROGRAM

Transcription

1 SOUTHWESTERN UNIVERSITY SCHOOL OF LAW LOAN REPAYMENT ASSISTANCE PROGRAM BACKGROUND The Southwestern University School of Law Public Interest Loan Forgiveness Program has been established and funded by the Board of Trustees to encourage students to pursue careers in public interest law by relieving some of the financial burden of student loan repayments through incremental grants. Unlike other loan forgiveness programs, the Southwestern program is administered as an outright grant, to be used to pay any student loan the student borrowed to attend any approved post-secondary institution of higher learning. ELIGIBILITY The Southwestern Public Interest Loan Forgiveness Program is available to Southwestern graduates who have been admitted to practice law in the state where the employer is located. Applicants who are employed at an annual salary of no more than $40,000 by a qualified public interest employer are invited to apply. To determine eligibility to participate in the program, the committee will use only the income of the applicant. However, when determining the actual recipients, the committee will also consider the income of the applicant or any other adult residing with the applicant with whom the applicant resides and contributes to the applicant's financial support. We will also consider the financial support provided by an adult (for example, a parent) with whom the applicant does not reside. Graduates engaged in law-related employment in a nonprofit organization qualifying for non-profit tax exempt status under 501 (c)(3) or 501 (c)(4) of the U.S. Tax code, or any other public service employment approved by the Dean of the Law School may be eligible. While they may not be otherwise specifically excluded, government agencies or educational institutions will be considered only after all other tax exempt organizations are considered. LOAN ASSISTANCE FORMULA AND PAYMENT PROCEDURES Grants can range up to 100% of student loan payments due, limited by budgetary constraints; number of qualified applicants; and total amount of graduate's monthly payments. In the event that less than 100% of monthly payments can be made, preference will be given first to outstanding Southwestern loans, then Federal loans, and then all others. Payments will be made directly to the lender, on the graduate's behalf, on a monthly basis with an accounting of payment amounts and payees being sent to the graduate. It appears that the IRS will consider any funds received through this program as taxable income; therefore, any and all taxes are the responsibility of the graduate. 1

2 PRIORITY IN AWARDING GRANTS When budget constraints make it impossible to award all qualified applicants the full amount of their payments, the award(s) will be based on the following criteria: 1. Employment with an under financed and/or understaffed employer. 2. Salary. 3. Expected household contribution (extrapolated from income and assets). 4. Years of prior and future commitment to tax exempt organizations. All decisions of the Financial Aid Committee regarding the Southwestern Loan Forgiveness Program are final. DURATION OF GRADUATE PARTICIPATION The Board of Trustees has approved and funded the Southwestern Public Interest Loan Forgiveness Program for three years, calling for an evaluation after two years. Each award is granted for two years, except that employment and salary must be verified every quarter. LEAVES FROM EMPLOYMENT On a case-by-case basis, Southwestern will consider continuing payments for periods of leaves based on medical problems (such as maternity/paternity, disability, etc.) for those loan programs that will not grant medical deferments. Applicants must apply for said deferments and demonstrate that the deferment was denied. Unpaid leaves for other purposes will also be considered. DEADLINES Applications will be accepted through December 31, It is expected that the committee will select recipients during the month of February 2005 and that the first payment would be made no later than July FURTHER INFORMATION For further information, please contact Wayne Mahoney, Director of Financial Aid at (213) Southwestern does not discriminate on the basis of race, sex, age, religion, national or ethnic origin, sexual orientation, disability, marital status, or prior military service in connection with admission to the school, or in the administration of any of its educational, employment, financial aid, scholarship, or student activity programs. Nondiscrimination has been the policy of Southwestern since it s founding. 2

3 SOUTHWESTERN UNIVERSITY SCHOOL OF LAW PUBLIC INTEREST LOAN FORGIVENESS PROGRAM APPLICATION FORM NAME: ADDRESS DATE OF BAR ADMITTANCE: HOME PHONE: ( ) - BAR NUMBER: STATE: SOCIAL SECURITY NUMBER MARITAL STATUS: AGE(S) OF DEPENDENT CHILDREN EMPLOYMENT INFORMATION NAME OF EMPLOYER ADDRESS TITLE PHONE NUMBER ( ) - Please attach a brief description of your employer (or a company resume or brochure) and the nature of the duties you perform. You should include your annual salary and whether you work on a full or part time basis (with start and end dates if this is a temporary position). If more than one employer will employ you during the coming fiscal year, you should supply the requested information for each employer. If you will be unemployed during any period of the fiscal year, please give an explanation. NAME OF ADULT'S EMPLOYER ADDRESS TITLE PHONE NUMBER ( ) - Please attach a personal statement of no more than 2 pages, double spaced, which describes any prior work and/or volunteer community service experience, the type of work you do/will do in your current public interest position, and your future career goals. You may also attach your resume. 3

4 CURRENT ANNUAL HOUSEHOLD INCOME INFORMATION YOUR TOTAL WAGES, SALARY, COMMISSIONS OTHER ADULT TOTAL WAGES, SALARY, COMMISSIONS $ $ Below, please list any other Taxable Income for Applicant and Other Adult. Include interest income, alimony received, business and farm income, capital gains, pensions, annuities, rents, royalties, unemployment compensation, social security, trusts and estates, and other non-taxable income. Please provide a breakdown on a separate sheet. $ ASSETS OF HOUSEHOLD Value of all liquid assets: $ Current Home Value: $ Current Home Debt: $ Other Real Estate Value $ Real Estate Debt: $ Value of Non-liquid assets: $ Debt: $ STUDENT LOAN INFORMATION On a separate sheet of paper, please provide the following for each Student Loan for which you currently have a balance outstanding: Complete Name of Student Loan Lender Type of Loan (ie GSL, SLS, NDSL, etc) Original loan amount Current Outstanding Principal Balance Current Monthly payment(s) amount If a loan is past due, please explain why and the exact status. Payments will not be made on loans currently deferred or in forbearance. Past due loans will be considered on a case-by-case basis. DEPENDENT CARE Please itemize and document expenses spent for childcare. Any expenses spent for the care of an adult should be fully explained and documented. 4

5 C E R T I F I C A T I O N All of the information on this form is true and complete to the best of my (our) knowledge. If asked by the Law School, I (we) agree to provide proof of the information that I (we) have given on this form. Should I, the applicant, be selected as a recipient, I also give Southwestern University School of Law permission to use my name and/or likeness in promotional information, press releases, new articles, brochures, and or catalogs, I (WE) UNDERSTAND THAT I (WE) MUST PROVIDE A COPY OF MY (OUR) MOST RECENT FEDERAL INCOME TAX RETURN WITH THIS APPLICATION. APPLICANT'S SIGNATURE DATE OTHER ADULT'S SIGNATURE DATE Mail the completed application and tax return to: Southwestern University School of Law Attn: Wayne Mahoney, Financial Aid Office Loan Forgiveness Program 675 S. Westmoreland Avenue Los Angeles, CA