does LRAP cover debt accrued at former law school?

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saandy
Posts: 8
Joined: Mon Aug 09, 2010 1:22 am

does LRAP cover debt accrued at former law school?

Postby saandy » Sun May 22, 2011 11:23 am

One of the main reasons for my interest for attending law school is to work in either Public interest or public service after I graduate, so, LRAP programs largely determine which schools I'm going to apply to. However, if I attend a certain law school and have the opportunity to transfer to a higher ranked institution after 1L, does LRAP for my final law school also apply to the debt that's accrued at my former institution? Does it vary with each law school?

side note: I know tons of people are going to comment on not entering a law school with the notion of transferring, however, I like to map out all possible situations in order to make the best decisions; It's good to be prepared.

Any insight would be really helpful.. thanks!

Gideon Strumpet
Posts: 220
Joined: Wed May 18, 2011 10:31 am

Re: does LRAP cover debt accrued at former law school?

Postby Gideon Strumpet » Sun May 22, 2011 11:37 am

You have to look at the LRAP guidelines at your target school to find out. They vary on what they cover, but some do include all graduate and even undergrad loans. Also, be careful that you understand how much of any loan the program covers. The programs have all sorts of different exclusion and income qualification formulas, and one that "covers" more loans might "cover" a whole lot less in terms of actual dollars in your hand.

The federal IBR program applies to all federal Stafford and grad PLUS loans, and does not depend on what school you went to; but you may have to consolidate into the direct lending program to get access to it. IBR also does not apply to private loans, which includes loans issued from the school's own funds. Most people these days don't need private loans, so if you haven't started law school yet, you can go with 100% federal loans and have IBR cover all of them, regardless of where you start and finish.

saandy
Posts: 8
Joined: Mon Aug 09, 2010 1:22 am

Re: does LRAP cover debt accrued at former law school?

Postby saandy » Mon May 23, 2011 3:52 pm

Thanks Gideon! The information was extremely helpful! :)




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