đź“Ł ANNOUNCEMENT: Class of 2028 Applications are now open! Request information today.
Giving students more
power over their careers.
The Flywheel Fund for Career Choice is a new nonprofit designed to give students more power to choose career paths that inspire them—by easing the burden of costly loan repayment. Our first initiative is a pilot project created in collaboration with Stanford Law School¹ and currently open only to member of its classes of 2026, 2027, and 2028. If you are interested in helping to create a Flywheel Fund for your school please email us at info@flywheelfund.org.
About The Fund
Together, we can reshape legal education and practice by connecting donors, students, and graduates in a virtuous circle of giving back and giving forward—we call this the flywheel effect.
For Students
As a Flywheel Fellow, your tuition and expenses (up to $170,000) will be covered upfront.²,Âł If you graduate and go on to earn less than $100,000, you’ll owe zero repayment. If you earn more, you’ll make repayments based on your income, building the Fund and powering future generations of Fellows.
For Donors
Philanthropic contributions will fund our pilot program cohort, seeding a self-sustaining fund by year 13. At 15 years, we project that each donor dollar will generate more than $3.50 for the fund, increasing every year. This means every dollar has an impact.
For the Future
The debt burden of a legal degree can limit diversity of law school applicants and restrict the range of career choices for graduates. We seek to create a future in which more law school graduates are empowered to choose a career path that inspires them and moves the world forward.
Why We Exist
1 in 3
1 in 3 new lawyers chose a career path different from what they initially expected because of loans.
37%
37% say they chose a job that pays more money “instead of a job I really wanted.“
Source: ABA Young Lawyers Division, 2020 Law School Student Debt Survey Report
The Flywheel Effect
Our three sources of revenue ensure that the Fund should always be receiving payments that can fund future Fellowships.
1
Initial philanthropic contributions start the flywheel moving, by funding the initial Fellowships.
2
Payments by Fellows create ongoing revenue for the Fund and finance future Fellowships.
3
Finally, payments by Stanford Law School will ensure the fund is partially replenished for Fellows earning below $115k, following graduation.
“I’m proud that Stanford has been a leader in establishing and improving efforts to support diversity among our students and in the careers they are able to pursue.”
— Jenny S. Martinez, Richard E. Lang Professor of Law,
Former Dean of Stanford Law School
Our Partners
The Flywheel Fund for Career Choice
The Flywheel Fund for Career Choice is an innovative nonprofit organization that seeks to expand career choices for law school students, enabling them to pursue public service or other lower income careers more quickly after graduation.
Get in Touch
Who We Are
â’¸ 2022 The Flywheel Fund for Career Choice
Âą Stanford does not endorse the Flywheel Income Share Loan. The Flywheel Fund is not affiliated with Stanford University nor Stanford Law School. Selection as a Flywheel Fellow is not guaranteed and is not determined by Clasp or FinWise Bank.
² Loan products vary by school and issuer. Loans may be issued by Clasp Group Inc or FinWise Bank, a Utah-chartered bank, Member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.
³ The effective Income Share Percentage (“ISP”) on your Flywheel Income Share Loan (“FISL”) is a fixed percentage of your monthly gross income and will be 10.00%, for a period of 144 months after the beginning of your payment term, though payments for fellows earning under $100,000.00 per year may be reimbursed by SLS pursuant to its LRAP program. Monthly payments are required and will vary significantly because they depend on your specific ISP and your reported monthly gross income. The monthly repayment amount is based on your designated ISP and monthly gross income, not an Annual Percentage Rate (“APR”); the APR you actually pay will be dependent on your actual ISP and gross income for the entire duration of the loan repayment period.
To help illustrate how much you might pay under this Income Share Loan Agreement, we are providing the following example, assuming an Income Share of 10.00%, a Total Loan Amount of $170,000.00, 33 months to graduation, and a 144-month repayment period. For simplicity, the example assumes your Gross Income remains consistent throughout the entire Payment Term. If your annual Gross Income is $200,000.00 (equivalent to a monthly gross income of $16,666.67) and does not increase over the next 144 months, your estimated monthly payment would be $1666.67, with total payments estimated at $240.000.48 over 144 months.
For this example, your total monthly payments would end after 144 months, even if you have not reached the Maximum Implied Annual Percentage Rate of 8.94% because you have completed the required number of Maximum Monthly Payments first, assuming no deferrals or other pauses to your payments. You may repay more or less than the amount you received, depending on your specific circumstances. Your loan has a maximum payment period of 216 months, inclusive of any months where monthly payments are made as well as any deferred months after you leave or graduate from your program.
Please review your final disclosure for the total payments applicable to your final certified total loan amount.
