Northwestern offers 'interest freedom plan' to law grads earning less than $85K in private sector
Some Northwestern University law grads will get some temporary help making their loan payments as a result of a new program announced Tuesday by the law school.
The program, which begins with the class of 2015, will temporarily pay interest on student loans for law grads who make less than $85,000 a year in private sector jobs, according to a press release and Northwestern University’s news center. The payments will begin six months after graduation and continue for up to a year for these law grads.
Law grads who haven’t landed a first job, despite an active job search, are also eligible to participate.
The median salary for Northwestern law grads working in the private sector is about $160,000, CBS Chicago reports. Law dean Daniel Rodriguez estimated in an interview with the broadcast station that 20 percent of its graduates will be eligible for the loan assistance.
The program is designed to supplement Northwestern’s traditional Loan Repayment Assistance Program for law graduates pursuing careers in the public sector.