LRAP Benefits Estimator

The Loan Repayment Assistance Program (LRAP) provides financial assistance to graduates in eligible jobs. This estimator gives an illustration of LRAP benefits at varying salaries and debt levels. Actual LRAP benefits may vary and are determined by the LRAP staff at the time of application using information specific to each individual. The results of this estimator cannot be construed as an assurance of a specific level of LRAP support. We strongly encourage every student interested in LRAP to meet with a member of the LRAP staff to receive an individualized LRAP benefits projection.

Here are a few tips for using the estimator:
  • Question 1:
    • The total amount you borrow for law school will vary depending on your individual circumstances. If you are a continuing law student, you can look up your current outstanding law school debt in the National Student Loan Data System (NSLDS). Once you determine what you have borrowed to date, you should add to that amount any additional projected borrowing for your remaining year(s) in law school.
    • If you are an entering student, you may want to start by assuming an average level of borrowing for each of your three years in the JD program. Of the 2014 NYU Law School graduates who borrowed at least one loan during their three years, the average individual amount borrowed was approximately $149,000. We estimate that the average amount borrowed by future graduating classes will increase based on annual adjustments to the relative cost of attendance. The cost of attendance has historically increased anywhere from 3-4% each academic year. For example, the current cost of attendance for the 2015-16 academic year is $85,964. This includes tuition and fees, health insurance, room and board, and books and supplies. You can use the estimator at varying debt levels to create different scenarios.
  • Question 2:
    • A “student contribution” is calculated for you based on the information provided in your financial aid application when you are admitted to the Law School. While you may borrow to cover your student contribution, any loans taken out to cover the student contribution are ineligible for LRAP coverage, as described in the LRAP guidelines on eligible borrowing. If you do not know your student contribution, you can login to the financial application processing system to verify your student contribution.
    • If 100% of what you borrowed for law school is covered by LRAP, then you should indicate the same amount in questions 1 and 2. However, if you borrowed to cover your student contribution, for example, the amount you indicate in question 2 will be lower than the amount you indicate in question 1.
    • For example, assume that your annual student contribution is $15,000 (or a total of $45,000 for all three years of the JD program). Let’s also assume that the total cost of attendance for 3 years is $265,000. If you borrow to cover the total cost of attendance and do not reduce for your student contribution, then your maximum LRAP eligible debt would be $220,000.
  • Question 3:
    • Integrated LRAP has a base of $80,000. Above that base, there is an expected amount that you would have to contribute toward your monthly debt service. The amount is 40% of the difference between the base and your annual LRAP qualifying income.
    • The monthly participant contribution is a separate adjustment from the determination of what qualifies as LRAP eligible debt.
  • Question 4:
    • To estimate your monthly payment amount under an income-driven repayment plan, visit the Department of Education’s website at https://studentloans.gov/myDirectLoan/mobile/repayment/repaymentEstimator.action. Once you have an estimate using the Department’s estimator, plug that amount into question 4. You can use the Department’s payment estimator at varying levels to create different scenarios.
  • Additional Considerations:
    • This estimator does not account for adjustments to LRAP benefits based on changes in participant or spousal income, the value of assets, and other elements not specifically identified in the estimator. Review LRAP guidelines for more information on applicable policies or contact an LRAP administrator for additional information.
    • Disclaimer:  This estimator is for informational purposes only and does not promise or guarantee LRAP coverage.  It is intended only to provide an illustration of potential LRAP benefits at varying estimated debt and LRAP-eligibility levels, annual incomes, and projected monthly repayment amounts.  Students or graduates interested in LRAP should meet with a member of the LRAP staff to discuss their individual circumstances and any potential impact their personal situation might have on their LRAP eligibility.  Additionally, detailed program terms related to LRAP eligibility are available on the LRAP website.

Estimator:

1. How much NYU Law School education loan debt will you have at graduation? $ 
2. How much of that debt will be LRAP-eligible? $ 
3. What is your annualized qualifying income during the period you are in LRAP? $ 
4. What is an estimate of your monthly payment amount under an income driven repayment
plan such as Pay-As-You-Earn?		 $ 

Calculate Reset

LRAP Benefit Summary:

Here is the estimated percentage of your total NYU Law School debt that would be eligible for LRAP coverage = %
Here is the estimated amount you would need to contribute each month toward your monthly loan payment (based on the amount of your total law school debt that is eligible for LRAP coverage) = $
Here is your estimated monthly LRAP benefit amount from NYU = $
Here is the estimated percentage of your monthly loan payment that would be covered by NYU’s LRAP = %