In July 2006, the Louisiana Bar Foundation created its Loan Repayment Assistance Program in efforts to improve the recruitment and retention of highly qualified attorneys. This program offers financial assistance of up to $5,000 annually to attorneys making less than $45,000.
“The lesson learned here is if the money is available then you will see people coming at it,” said Murphy. “The problem is there aren’t enough programs.”
Murphy advises students to explore all options before choosing a job or pursing a progressive degree.
Dallas Lee, a graduating senior at Langston University, is looking forward to teaching in a school system where his student loans can be forgiven. “I know I have to find a school district offering a great package and willing to help pay back some of my loans,” said Lee, who is from Chicago. “I know this process won’t be simple.”
Generally, loan forgiveness programs are very competitive and have a very taxing selection process filled with lengthy applications and personal interviews. Organizations such as AmeriCorps, Peace Corps, Teach for America and National Health Service Corps are designed so that students can reduce their loans through public service. Some programs seek to entice individuals to remain in a high need occupation, region or underserved facility.
“Definitely, these loan forgiveness programs are tempting for students,” said Lee. “What’s the harm of working somewhere in your field or even close, for a few years, to alleviate some of your debt?”
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