Loan Repayment Assistance Programs
The Caruso Family has committed $1 million dollars to establish an endowed fund, specifically for Pepperdine University Caruso 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.
Judge Harry T. Shafer, along with his wife, Ruth, have established a loan repayment assistance fund for Pepperdine University Caruso 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 Caruso School of Law, chosen a career in public service, and meet income limitations as determined by the University. The Caruso School of Law is grateful to Judge and Mrs. Shafer for their generosity.
- Applicants must be employed full-time in a legal position with a federal, state, or local government agency or a non-profit organization for at least one-year. The organization must qualify for non-profit tax-exempt status under 501(c)(3) or 501(c)(4) of the IRS code.
- The qualifying individual's income level must not exceed an adjusted gross income of $75,000 OR the qualifying individual's combined family income must not exceed an adjusted gross income of $150,000. 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.
- Applicants who are eligible for program funds may expect partial loan payment by July of the current year.
- Recipients are required to re-apply each year for continued assistance for a maximum of ten (10) years of assistance.
Application materials should be returned to:
Pepperdine University Caruso School of Law
Office of Financial Assistance
ATTN: Berenice Hernandez
24255 Pacific Coast Highway, Malibu, CA 90263-4633
The application deadline is April 15, 2020.
To be considered for assistance, each applicant must submit the following:
- A completed application
- A completed W-9. If an applicant is selected to receive an award, they will be notified via email by Berenice Hernandez and/or Pepperdine University to complete an electronic copy of the W-9 through a secure online portal.
- 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 that your loans are in repayment and in good standing from all educational lenders (i.e. 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 forgiveness payments will be disbursed directly to the borrowers, as a taxable income stipend. A completed W-9 is required for funds to be disbursed.
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.