Stanford sticker vs. UTexas full-ride w/ two days to decide

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Re: Stanford sticker vs. UTexas full-ride w/ two days to decide

Postby Army2Law » Tue Jul 05, 2011 9:53 pm

ResolutePear wrote:When you're successful and have kids, tell them; tell them that a pear on an internet forum had some part in convincing you.

180. Seriously, made my night. Haha

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Joined: Sat Mar 27, 2010 9:48 am

Re: Stanford sticker vs. UTexas full-ride w/ two days to decide

Postby DeepSeaLaw » Fri Jul 08, 2011 8:53 am

gourmet23 wrote:
Even with the LRAP you will not be in the same free ride situation. I think it is important to remember that you need to do PI for a full 10 years (last I checked anyway) to have the debt fully forgiven. Otherwise, you have only minimum payments being made and interest accruing. Unfortunately, many people decide at some point during that time to go to the private sector (had a kid, bought a house, etc.) and then they are in a worse position than when they graduated. You should seriously think about whether you can make a long-term commitment to PI before relying on the LRAP.

I know the OP's decision is over (see you soon!) but or anyone in a similar position that finds this on search down the road -- this is how federal Public Service Loan Forgiveness works, not Stanford's LRAP. You do not have to commit 10 years to public service to get significant help in paying down your loans; in fact, you can move in and out of the program from year to year for the first 10 years of graduation. Stanford does not make you enroll in IBR, and if you are working an early-career public interest job, they will pay most if not all of your actual payments. It's very important for people deciding between the top handful of schools and a large scholarship elsewhere to analyze LRAPs carefully; it's also important for these people to realize that only a fraction of people who think they will do public interest and take advantage of LRAP actually do.

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