Stanford Law School (SLS) is working with Flywheel Fund for Career Choice, a nonprofit organization by alumni of Harvard and Stanford Law Schools. The goal is to offer an alternate way for students to finance their education through an income share loan. 

The pilot program will initially be open to 20 students, who would be available for up to $170,000 from Flywheel to cover law school tuition and fees. However, students will be responsible for paying back around 10% of their salaries. 

“Improving and enhancing financial aid support as well as financial access and equity for SLS students has been one of my top priorities since becoming dean of the law school,” said Jenny Martinez, Richard E. Lang Professor of Law and Dean of Stanford Law School. “Piloting a potentially innovative new model for financing a legal education is part of our overall efforts to support diversity among our students and in the careers they are able to pursue.”

However, Flywheel Fellows earning less than $100,000 per year will have their expenses covered by Stanford as part of the expansion of Loan Repayment Assistance Program (LRAP). Also, unemployed graduates will not have to worry about payment until being employed as reported by Higher ED Dive. 

The income share program will begin Fall 2022.