The state of Pennsylvania is doing its part to sustain the public service sector. The Pennsylvania Bar Foundation and the Pennsylvania Interest on Lawyers Trust Account Board are initiating a new statewide school loan repayment program, offering “one-year loans to qualifying attorneys at IOLTA-funded legal services organizations that can be used to repay undergraduate and law school debt and will be forgiven at the end of each year,” as reported by New York Lawyer.
The goal of the program, approved by the state Supreme Court, is to assist public interest lawyers so that they don’t have to leave their profession due to student loan debt. Especially in this economy, “recruitment and retention are real problem areas in the public service sector.” Through the program, each qualified attorney can receive about $2,000 in the first year, after which the program can be changed so that they would receive tiered payments based on their individual debt-to-income ratios.
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