Eligible Debt Calculations
- Only loans incurred during law school are eligible for the Debt Repayment Assistance Program (PDRAP)
- There are two eligible sources of loans for the PDRAP consideration - Government aid loans and Professional Line of Credit loans
Obtaining Your Eligible Loans Information
- National Student Loans Service Center and/or your provincial student loan portal will allow you to download your student loans disbursed over your education career
- Professional Line of Credit authorized amount is provided by the Financial Aid Office each year to students in the Financial Aid program. If you don't have this information, reach out to the Financial Aid office to obtain eligible amount
Calculating Your Eligible Loans Information
- To calculate eligible portion for Government Loans:
- Add up loans disbursed prior to law school and after law school, if any (i.e. $15,000)
- Add up loans disbursed during law school - these are the only loans eligible for PDRAP (i.e. 25,000)
- Obtain total monthly loan payment (i.e. $450)
- Prorate law school loans over total loans times monthly loan payment - this is your eligible law school loan monthly payment ($25,000/($15,000+$25,000)*$450=$281.25 - this is the monthly portion of your loan eligible to be considered for Post Graduate Debt Repayment. Multiply by 12 to get annual portion.
- To calculate eligible portion of Professional Line of Credit Loans:
- During articling and the first two years only interest is charged on your Professional Line of Credit (PLOC)
- To calculate interest only portion multiply the lesser of your balance (from your bank statement) or your authorized Line of Credit amount by the current interest rate - this is your annual portion of your loan eligible to be considered for Post Graduate Debt Repayment
- Once your PLOC has been converted to a loan, your bank will provide you with the statement of the total loan (which may be less, equal to or greater than the amount authorized by the Financial Aid Program)
- If your loan is less or equal to the amount authorized by the Financial Aid Program, then your entire monthly statement is eligible for the Post Graduate Debt Repayment. Multiply by 12 to get annual amount
- If your loan is greater than the authorized amount, please pro-rate your monthly payment accordingly - Authorized loan amount/Actual loan amount * Minimum monthly payment = Authorized monthly payment for PDRAP
- Add eligible portion of the Government loan and Professional Line of Credit Loan to get the eligible debt amount. Multiply by 12, if dealing with monthly figures to get annual amount