Flywheel Fund for Career Choice Fellowship Program

Geographic Scope: Currently limited to Stanford Law School (classes of 2026, 2027, and 2028). Open to students in eligible states only. The fund seeks to expand to other law schools in the future.

Mission & Focus:
The Flywheel Fund for Career Choice is an innovative nonprofit designed to expand career options for law school students by easing the burden of loan repayment. The program empowers students to pursue public service, public interest, or other lower-income career paths without being constrained by debt.

Key Statistics:

• 1 in 3 new lawyers chose a different career path than expected due to loans
• 37% chose jobs that pay more "instead of a job I really wanted"

Award Details:

• Funding Amount: Up to $170,000 per Fellow to cover tuition and expenses over 3 years
• Allocation: Up to $20,000 per term; lifetime maximum of $170,000
• Repayment Structure: Income Share Loan (FISL) through partner Clasp/FinWise Bank
  • Fixed 10% of monthly gross income for 144 months (12 years) after employment begins
  • 6-month grace period after graduation
  • Payments capped at cost of federal GradPLUS loan
  • Maximum payment period: 216 months total

Income-Based Repayment Benefits:

• Earnings <$100,000/year: Stanford Law School (through LRAP) covers ALL payments (100% subsidized)
• Earnings $100,000-$115,000/year: Stanford Law School subsidizes a portion of payments
• Earnings >$260,000/year: Payment cap applies—no payments on income above this threshold
• Total Payment Cap: Lesser of what would be paid under GradPLUS loan or $312,000
• If unemployed: No payments required; must notify servicer

Eligibility Requirements:

• First or second-year JD student at Stanford Law School
• U.S. Citizen or Permanent Resident
• 18+ years old at contract execution
• Earned Family Income <$750,000
• Resident of an eligible state/US territory
• Must submit FAFSA for current school year
• Must pass credit check

What the Fund Covers:

• JD tuition and certified fees
• Eligible education-related expenses

What the Fund Does NOT Cover:
Not explicitly stated in provided materials.

How it Works:

1. Fellows receive upfront financing of up to $170,000
2. Repayment is tied to personal income (not family income), beginning 6 months after graduation
3. Payments are income-contingent and affordable
4. Fellow repayments are recycled to fund future cohorts
5. Model aims for sustainability by Year 13 with no additional donor contributions needed

Special Provisions:

• Early Repayment: Possible but requires payment of "Early Termination Amount" defined in contract
• Forbearance: Up to 6 months total (max 3 continuous months) for emergency financial needs
• Deferment: Available for unemployment (with documentation) or additional education (if no earned income)
• Income Treatment: Personal income only; includes wages, self-employment income, non-cash compensation, equity/deferred compensation, and income from entity participation
• Bankruptcy: Non-dischargeable status only applies to payments due at bankruptcy filing; future payments are dischargeable
• Family Status Changes: No impact on repayment calculations (income-only based)
• Uneven Income: Monthly calculations; fellows should report significant income changes

Partner Organizations:

• Stanford Law School: Provides LRAP subsidies, contributes to fund sustainability, expanded LRAP program for Fellows
• Clasp Group Inc. / FinWise Bank: FISL loan issuer and credit approver
• Stride Funding, Inc.: Program administrator and manager

Contact Information:

• Email: info@flywheelfund.org
• FISL Application/Servicing: Clasp at (214) 775-9960 or support@clasp.com
• Payment Servicing: stridefunding.launchservicing.com or 1-833-514-1834
• Research Advisor: Ralph Richard Banks (Stanford Center for Racial Justice)

Important Disclaimers:

• Stanford does not endorse the Flywheel Income Share Loan
• The Flywheel Fund is NOT affiliated with Stanford University or Stanford Law School
• Selection as a Fellow is NOT guaranteed and is NOT determined by Clasp or FinWise Bank
• All loans subject to individual approval and underwriting guidelines
• Program restrictions, other terms, and conditions apply

Application Process

The application process consists of three main steps and takes approximately two weeks from start to finish:

Step 1: Interest Form (5 minutes)

1. Complete the online interest form to request additional information and application materials
2. Required information:
   • First and last name
   • Stanford email address
   • Year in school (1L or 2L)
3. Submit the interest form
4. Information will be verified
5. Application directions will be sent via email

Step 2: Formal Application Submission

1. Complete and submit formal application materials (details of required documents not specified in provided materials)
2. Selection criteria applied by Flywheel Fund leadership based on:
   • Alignment with stated mission-driven goals
   • Research goals detailed at flywheelfund.org
3. Applicants selected as finalists will advance to Step 3

Step 3: Funding Application & Credit Check

1. Finalists complete formal FISL (Flywheel Income Share Loan) credit application
2. Credit check conducted
3. Final approval based on credit criteria of the program
4. Selection as a Fellow is NOT guaranteed

Required Documentation

Specific application materials and documentation requirements are not detailed in the provided website content. Applicants should contact Flywheel directly for complete requirements.

Submission Method

• Online interest form available at flywheelfund.org/students/
• Complete formal application materials (method not specified)
• FISL application submitted to Clasp/FinWise Bank

Timeline

• Total process: No more than two weeks from start to finish
• Interest form submission → verification → application directions → formal application → finalist selection → credit application → approval

Contact for Application Questions

• Email: info@flywheelfund.org
• FISL-specific questions: Clasp at (214) 775-9960 or support@clasp.com
• Application/servicing: stridefunding.launchservicing.com or 1-833-514-1834