Loan Repayment Assistance Program

LRAP Plus Income-Driven Benefit Estimator

LRAP provides loan repayment assistance to JD graduates in eligible jobs. The estimator is only intended to provide potential benefit level assessments at varying salary and eligible debt levels. Actual LRAP benefit calculations are determined by the LRAP staff at the time of application using information specific to each individual applicant. Estimator results should not be considered an assurance of a specific level of LRAP support. We strongly encourage individuals interested in LRAP to meet with a member of the financial aid team to get a more tailored projection.

Tips for Using the Estimator:

Question 1: What is my maximum LRAP eligible debt?

LRAP eligible debt equals the three-year standard student expense budget minus financial aid (non-loans) minus gross summer earnings in excess of $15,000.

A. Standard Student Expense Budget (SEB): Student expense budgets vary from class to class.  For example, the total three-year SEB for the class of 2018 is $268,212.  Future classes can approximate their total three-year standard SEB. Earlier graduating classes may contact our office to confirm their three-year SEB.

B. Student Contribution: Admitted or enrolled students who have received a financial aid award letter from NYU Law will find their exact student contribution in their award letter.  The minimum three-year student contribution is currently $15,000 (or $5,000 per academic year). Students entering law school with personal assets may have a higher student contribution.

C. Financial Aid: Admitted or enrolled students who have received a financial aid award letter from NYU Law will find their three-year financial aid determination in the award letter.  Prospective students will need to estimate a financial aid award from NYU Law. Be sure to include any awards you will receive from outside (non-NYU) organizations.

D. Summer Earnings: NYU Law students can use the Statement of Summer Earnings Forms to calculate their gross income in excess of $25,000 for each individual summer between 1L-2L and 2L-3L.

Question 2: What is the total amount of original principal you borrowed in federal loans during law school? Current students can look up their outstanding law school debt in the National Student Loan Data System (NSLDS). Remember to add any additional projected borrowing for remaining time in law school. Entering students can assume an average level of borrowing for each JD year. For 2015 NYU Law graduates who had at least one loan, the average total individual amount borrowed was approximately $166,000, or $55,333 a year.

Question 3: What is your annualized qualifying income during the period you are in LRAP? Please note: When estimating annualized qualifying income be sure to include not only salary, but also such compensation as housing allowances, relocation benefits, and bonuses. Only your income is considered here if you are married and earn more than your spouse, or if you are both in LRAP. Otherwise, married participants need to average their incomes to arrive at this number.

Question 4: What is your monthly payment estimate for your law school loans? Calculate this amount on the Department of Education's estimator. The Department of Education's estimator provides users with estimated monthly repayment amounts for several different repayment plan types, including income-driven repayment plans as well as a standard 10-year repayment plan. Your NYU LRAP eligibility may vary depending on your estimated monthly repayment amount.

LRAP Estimator