Loan Forgiveness Programs
- 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, or 50% of the qualifying individual and their spouse's combined incomes, must not exceed an adjusted gross income of $65,000. 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 May 1st of the following year.
- Once selected for funding, recipients will be required to re-apply each year for continued assistance.
Application materials and W-9 should be returned to:
Pepperdine University Caruso School of Law
Office of Financial Assistance
ATTN: Erin Wade
24255 Pacific Coast Highway, Malibu, CA 90263-4633
The application deadline is January 9, 2015.
To be considered for assistance, each applicant must submit the following:
- A completed application
- A completed W-9
- 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 may be entitled to a leave from the Caruso Family Loan Forgiveness Program and the Judge 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 forgiveness program.
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.