Loan Forgiveness Programs
The Caruso Family Loan Forgiveness Fund
Background
The Caruso Family has committed $1 million dollars to establish an endowed fund, specifically for Pepperdine University School of Law Juris Doctor graduates dedicated to a career in public service. The Caruso Family Loan Forgiveness Fund was established in March of 2003 as an assistance program which partly repays the law school debt of students launching careers in the fundamental, yet lower paying, area of public interest law.
Eligibility Criteria
- Applicants must be employed full-time in a legal position with a federal, state, or local goverment agency or a non-profit organization. The organization must qualify for non-profit tax-exempt status under 501(c)(3) or 501(c)(4) of the IRS code.
- The qualifying income level must not exceed an adjusted gross income of $60,000. Applicants must report income from all sources, providing a copy of their most recent federal income tax return, including all schedules, wage earning statements (W-2 form) and any miscellaneous taxable income reported on form 1099.
- Students that are eligible for program funds may expect partial loan payment by February 1st of the following year.
- Once selected for funding, recipients will be required to re-apply each year for continued assistance.
Application materials should be returned to: Pepperdine University School of Law Office of Financial Assistance 24255 Pacific Coast Highway Malibu, CA 90263
The application deadline is January 1, 2008.
Application Process
To be considered for assistance, each applicant must submit the following:
- A completed application
- Resume
- A copy of your most recent federal income tax return, including all schedules, wage earning statements (W-2) and any miscellaneous taxable income reported on form 1099
- A copy of your spouse?s (if applicable) most recent federal income tax return, including all schedules, wage earning statements (W-2) and any miscellaneous taxable income reported on form 1099
- A statement which includes all of your educational debts, including lender names and addresses, total amount borrowed under each loan type, and monthly repayment obligations
- A statement which includes all of your spouse's (if applicable) educational debts, including lender names and addresses, total amount borrowed under each loan type, and monthly repayment obligations
- Proof of good standing from all educational lenders (ie. letter or billing statement)
- An employment evaluation detailing job tasks, work ethic, personal career growth and salary
- A signed income disclosure statement, agreeing to report any increase in income
Loan Repayment
Loan forgiveness payments will be disbursed directly to the lenders.
Leave
Recipients may be entitled to a leave from the Caruso Family Loan Forgiveness Program, not to exceed one year, for the following reasons: 1) child care, 2) financial hardship, 3) relocation or 4) continuing education. Once a leave of absence is approved, you are required to re-apply for the program upon return. During a leave period, the recipient is not eligible for assistance under the forgiveness program.
Disclaimer
Recipients are selected at the discretion of the Faculty Admissions and Financial Aid committee. Awards are subject to the availability of funds. The receipt of funds in a given year does not ensure continued funding or guarantee an equal repayment amount in subsequent years. The law school reserves the right to modify or terminate the loan forgiveness program and/or any of its provisions without prior notice.
Judge Harry T. Shafer Loan Repayment Assistance Fund
Background
Judge Harry T. Shafer, along with his wife, Ruth, have established a loan repayment assistance fund for Pepperdine University School of Law graduates who have entered careers in public service. The Harry T. Shafer Loan Repayment Assistance Fund is restricted to individuals who have graduated from the School of Law, chosen a career in public service, and meet income limitations as determined by the University. The School of Law is grateful to Judge and Mrs. Shafer for their generosity.
Eligibility Criteria
- Applicants must be employed full-time in a legal position with a federal, state, or local government agency or a non-profit organization. The organization must qualify for non-profit tax-exempt status under 501(c)(3) or 501(c)(4) of the IRS code.
- The qualifying income level must not exceed an adjusted gross income of $60,000. Applicants must report income from all sources, providing a copy of their most recent federal income tax return, including all schedules, wage earning statements (W-2 form) and any miscellaneous taxable income reported on form 1099.
- Students that are eligible for program funds may expect partial loan payment by February 1st of the following year.
- Once selected for funding, recipients will be required to re-apply each year for continued assistance.
Application materials should be returned to: Pepperdine University School of Law Office of Financial Assistance 24255 Pacific Coast Highway Malibu, CA 90263
The application deadline is January 1, 2008.
Application Process
To be considered for assistance, each applicant must submit the following:
- A completed application
- Resume
- A copy of your most recent federal income tax return, including all schedules, wage earning statements (W-2) and any miscellaneous taxable income reported on form 1099
- A copy of your spouse's (if applicable) most recent federal income tax return, including all schedules, wage earning statements (W-2) and any miscellaneous taxable income reported on form 1099
- A statement which includes all of your educational debts, including lender names and addresses, total amount borrowed under each loan type, and monthly repayment obligations
- A statement which includes all of your spouse's (if applicable) educational debts, including lender names and addresses, total amount borrowed under each loan type, and monthly repayment obligations
- Proof of good standing from all educational lenders (ie. letter or billing statement)
- An employment evaluation detailing job tasks, work ethic, personal career growth and salary
- A signed income disclosure statement, agreeing to report any increase in income
Loan Repayment
Loan assistance payments will be disbursed directly to the lender's.
Leave
Recipients may be entitled to a leave from the Harry T. Shafer Loan Repayment Assistance Fund, not to exceed one year, for the following reasons: 1) child care, 2) financial hardship, 3) relocation or 4) continuing education. Once a leave of absence is approved, you are required to re-apply for the program upon return. During a leave period, the recipient is not eligible for assistance under the loan repayment program.
Disclaimer
Recipients are selected at the discretion of the Faculty, Admissions and Financial Assistance committee. Awards are subject to the availability of funds. The receipt of funds in a given year does not ensure continued funding or guarantee an equal repayment amount in subsequent years. The law school reserves the right to modify or terminate the loan repayment assistance program and/or any of its provisions without prior notice.