Yale School of Management - Loan Forgiveness

Nick Hardigg '99
Executive Director
Alaska Conservation Foundation
Hardigg was able to pursue a nonprofit career in wilderness conservation with help from the Loan Forgiveness Program.

Colleen Connell '05
Regional Manager, Caribbean
Clinton Foundation HIV/AIDS Initiative
With student loans to pay, Connell took a 20% pay cut to move from Booz Allen to the Clinton Foundation. The Loan Forgiveness Program made her career switch possible.

Lizzy Repass '07
Major Gifts Officer
United States Fund for UNICEF
Repass, a former member of the SOM Loan Forgiveness Committee, talks about the program and her own career path.

Yale SOM encourages its students to become leaders for business and society. The school supports alumni who work in the government or nonprofit sectors by providing an extremely generous loan forgiveness program.

Eligible alumni may apply at any time during the first 10 years following graduation. Graduates with incomes of $74,300 or less who work full-time for government or nonprofit organizations receive full reimbursement for their annual debt repayment on need-based loans. Those who make more than $74,300 can receive partial loan forgiveness.

For graduates in the first year following graduation, income is the total annual compensation as specified in the offer of employment. Beginning with the second year following graduation, income is the applicant’s annual salary as verified by the employer, together with any additional (e.g., interest/dividend) income listed on the most recent federal income tax return. Spouses’ salary is excluded from the income calculation. Participants may deduct $5,000 for each dependent claimed on their federal income tax returns.

Income	Program Coverage
Up to $74,300	Program covers 100% of need-based loan payments.
$74,300+	Participant contributes 20% of income above $74,300 to his or her annual loan payments. For example, a participant with income of $80,000 will contribute $1,140 (20% of $5,700).