Yale Law School Scales Back Loan Forgiveness Plan

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Written By admin at Friday, February 10th, 2012

Would-be lawyers have a lot to mull over these days before pulling the trigger on a law school:  struggles (and lawsuits) over law school job placement data, concerns over “economic viability,” suggestions that law schools may not be necessary, and stress levels high enough to bring in the puppies for therapy.

Now, Yale Law School is scaling back its loan forgiveness program, which partially subsidizes tuition loan payments for graduates who enter relatively low-salary careers, according to Yale Daily News. The school says the program will require greater contributions from incoming and future classes, and that the change is due to more conservative budget projections as a result of the recession.

The Career Options Assistance Program is meant to encourage alumni to pursue public service careers, although it is not limited to specific career paths. Previously, the program allowed law school graduates who earn less than $ 60,000 a year to have their loans fully subsidized, while those earning more are expected to contribute a quarter of their income above that baseline. The new policy lowers the baseline salary to $ 50,000 and expects varying percentages of income from alumni, based on a sliding scale of income brackets.

Some students admitted to the school’s class of 2015 said the change wouldn’t impact their decision to attend, as Yale’s program remains among the most generous in the nation, Yale Daily News noted. Harvard Law School has a similar program, and requires no contribution from those earning $ 45,000 or less. Columbia Law School’s program has a $ 50,000 threshold.

Yale Law School’s changes to the program won’t affect any current students or alumni that participate, or who may be eligible to participate.

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