Through the University of Virginia School of Law Loan Forgiveness, qualified applicants may be eligible to receive benefits equal to 100 percent of their loan repayment obligations under IBR or PAYE for their law school loans. This program was designed to assist graduates entering low-paying public service legal employment with their law school educational loan obligations. Read on to see eligibility requirements, award amounts, and the application process for the University of Virginia School of Law Loan Forgiveness.
- Enter qualifying employment, as defined by this document, within two years of graduation or within two years of completing a judicial clerkship that is taken immediately after graduation and is itself no longer than two years in duration;
- Apply for VLFP II benefits within the first enrollment period following the start of qualifying employment;
- Earn $85,000 or less in annual income;
- Have placed their law school loans in IBR or PAYE; and
- Have maintained their law school loans in good standing. Participants may remain in VLFP II for up to 10 years from the start of their participation in the program.
Participants who exit VLFP II without an approved deferral may not re-enter. At the discretion of the program director, participants may defer participation in VLFP II for childbirth, disability or other extenuating circumstances.
Current VLFP I participants (as well as graduates who are not enrolled in VLFP I but who still qualify to enroll in VLFP I) who are thinking about enrolling in IBR or PAYE may ask the program director if it would be possible to switch to VLFP II. Applications to switch to VLFP II are due in November/December. The final determination regarding participation is made by the program director and is based on a variety of factors including the availability of resources.
How much can I expect to be awarded?
Through the University of Virginia School of Law Loan Forgiveness, VLFP II participants who earn less than $65,000 annually receive benefits equal to 100 percent of their loan repayment obligations under IBR or PAYE for their law school loans. In short, these participants pay nothing out of pocket toward loan repayment while in VLFP II. The benefits for participants who earn more than $65,000 annually are prorated based on income.
Under the terms of VLFP II, qualifying participants who earn less than $85,000 annually and who are engaged in qualifying employment are eligible to receive financial assistance for the repayment of law school loans. The revised benefit formula is tied to two of the federal repayment plans that are based on income, Income-Based Repayment Plan (IBR) and Pay As You Earn (PAYE) which take into account annual income, educational debt, and family size to determine a graduate’s monthly loan repayment obligation.
What loans qualify for this program?
VLFP II assists with the repayment of UVA Law School loans that are being repaid under IBR or PAYE. Graduates must enroll in IBR or PAYE in order to receive VLFP II benefits. More information on IBR and PAYE is available at https://studentaid.gov/ and https://www.finaid.org/. Note that IBR and PAYE are available for certain kinds of federal student loans (e.g., Unsubsidized Direct [Stafford] Loans and Graduate PLUS Loans) but not others (e.g., private loans, Parent PLUS Loans, consolidation loans that contain a Parent PLUS Loan and loans that are in default).
How do I apply for this repayment program?
You can apply for the University of Virginia School of Law Loan Forgiveness through the program’s website.
Applications to switch to VLFP II are due in November/December. The final determination regarding participation is made by the program director and is based on a variety of factors including the availability of resources.
Questions about VLFP II should be directed to the Financial Aid Office at 434-924-7805 or [email protected].