Income Contingent Loan Program (ICLP)

Overview and Objective

As part of our commitment to promoting the financial accessibility of law school, Osgoode has designed an innovative income contingent loan program (ICLP) that provides recipients with bursary and loan funding to cover the entire cost of tuition. In each year of the pilot program, Osgoode will select 5 eligible students to participate in the ICLP. Recipients will not pay any tuition while they are law students, but will agree to repay the entirety of their loan after graduation over a 10 year period. Contingent on their income level in any of the years of the repayment period, the loan repayment for those years may be forgiven in whole or in part.

The primary objective of the ICLP is accessibility through opportunity. The ICLP will achieve its mission if it encourages and enables highly talented and qualified potential law students to apply for admission to Osgoode when they otherwise would not have done so due to the “sticker shock” of tuition and other barriers involved for students financing their legal education. In addition, the ICLP is meant to enable participants to pursue careers of their choice after law school, without the burden of significant debt and overwhelming loan repayment obligations impacting their choices.

For complete details, including information on the ICLP application and selection process, please see the ICLP Guide for Students.

Loan Amount

In each of the three years of the ICLP, the loan will be the amount of tuition minus $10,000 ($10,000 will be covered by a bursary each year). If selected, a student who starts their legal studies in September 2016 will receive loans totalling approximately $50,000 and bursaries totalling approximately $30,000 over the three years of law school.

Application Process

2015 Entering Class: 1.    Apply concurrent with bursary application: complete ICLP Supplemental Form and bursary application by September 21, 2015.
2.    Shortlisted candidates will be interviewed in late October/early November.
3.  Recipients will be selected by the end of November.
2016 Entering Class: 1.    Review ICLP information in the OLSAS Information Booklet.  Note that applicants must have a complete application by Jan. 15. Therefore, February LSAT will NOT be considered for ICLP applicants.
2.    Apply concurrent with admissions application: complete online Financial Statement, including supplemental ICLP portion by November 1.
3.    Shortlisted candidates will be interviewed in early March.
4.    Recipients will be selected by the end of March.

Eligibility and Selection

Eligibility criteria for the ICLP will include (1) high financial need and (2) aptitude for legal studies. Selection criteria will mirror the eligibility criteria: selection will be based on the most compelling circumstances. In other words, recipients will be highly talented potential law students who have high financial need due to financial or other barriers they may face in accessing legal education.

Financial need: At a minimum, to be eligible, you must meet the criteria for receiving a high-need bursary from Osgoode. The basic criterion will be a resource-expense shortfall of greater than $20,000. Other factors to be considered will include:

  • Barriers faced in obtaining equal access to education;
  • Assets (real property & chattels);
  • Debt load (in past years, high-need bursary recipients have had debt loads of greater than $30,000); and
  • Extraordinary expenses such as caregiving expenses and medical expenses.

Aptitude for legal studies: The holistic admissions criteria will be reapplied with a view to selecting the most highly talented and qualified law students.

Participants will be required to provide documentation demonstrating their continued eligibility for the ICLP in their second and third years of the program.

If admitted to Osgoode, you will be asked to submit supporting documentation for your ICLP application. This documentation must be received by Osgoode’s Financial Services Office within 2 weeks of receipt of your offer of admission. Please refer to the supplemental ICLP portion of the online Financial Statement for a list of required documents.

Repayment Plan and Loan Forgiveness

The expectation is that participants will begin to repay their loans approximately two years following graduation from the JD program.

Participants will have up to 10 years following their articling year to repay their loan.

Each year during the repayment period, participants will be expected to pay back one tenth (1/10) of their loan and an annual administrative fee of $750.

Students must apply to have a loan installment considered for loan forgiveness. Along with their application, students will be expected to supply Osgoode’s Office of the Executive Officer with proof of individual/household gross income (i.e., notice of assessment(s)) from the previous tax year. All or a portion of a student’s loan and annual administrative fee could be forgiven. If income is below a minimum threshold, the entire year’s repayment amount (loan + program fee) is forgiven. If income is above an upper threshold, there is no loan forgiveness. In between these income thresholds, a certain portion of the loan is forgiven, along a sliding scale. The table below shows the percentage of the loan and program fee to be forgiven at various income levels. This table applies for the 2015 entering class and will be updated for each new cohort.

Gross Income % of Loan Instalment and Program Fee Forgiven
$           0 $             59,999 100%
$             60,000 $             61,500 82%
$             61,501 $             63,000 77%
$             63,001 $             64,500 72%
$             64,501 $             66,000 67%
$             66,001 $             67,500 62%
$             67,501 $             69,000 57%
$             69,001 $             70,500 52%
$             70,501 $             72,000 47%
$             72,001 $             73,500 42%
$             73,501 $             75,000 37%
$             75,001 $             76,500 32%
$             76,501 $             78,000 27%
$             78,001 $             79,500 22%
$             79,501 $             81,000 17%
$             81,001 $             82,500 12%
$             82,501 $             84,000 7%
$             84,001 $             85,500 2%
$             85,501 And up 0%