beef wellington wrote:Yes, if only there existed some financial instrument that could provide liquidity to institutions or individuals who are unable to immediately satisfy their debts and obligations.
And even if they were able to take a loan in order to finish off the payments, it doesn't change the fact that if they ran out of money, they'd have to end their LRAP program. This is why Yale--with the biggest endowment and the best COAP program in the country--specifically states the funds are not unlimited. This may seem novel to you, but programs that make the school PAY for a student's education are often the first things to go when a school is having a budget crisis. Harvard got rid of their third year tuition waiver for public interest students. Luckily they are honoring the 1Ls who are the on the program now--but it's not going to be there in the future. Many schools don't have an LRAP program period.
So say you pick SLS. Your 2L year they end their LRAP program due to budget problems (not going to happen, obviously, but a hypothetical). You're still fucked. You haven't even applied yet. You have no security through their program. You have $150,000 of debt and no repayment program through the school to use. Boalt's disclaimer is saying the same thing--"If we don't have any money (or less money) when you apply, we might have to reject applicants (or redisburse pro-rata) based on how much we have." I don't see what gives anyone pause in that statement. Their LRAP program exists. They are raising tuition $13,000 per student in order to keep programs like that afloat. They know how to form a budget and they aren't idiots. Their LRAP program isn't a liability--just like the LRAPs at SLS, YLS, HLS, NYU, CLS, and other top schools aren't a liability.