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TIKITEMBO wrote:This isn't true. IBR means based on your income. Question 18 here: http://studentaid.ed.gov/students/attachments/siteresources/IBRQ&A_template_123109_FINAL.pdf. There is also alot of time between defermnet, forbearance, economic hardship. I called up the feds recently to ask about this and they stated that between all these factors it's possible for about 3 years of not being required to pay in some fashion based on various types of economic hardship. Yes, 6 months would be one of those things (say general deferment) but then you can ask for another consideration like "economic hardship" and you get I believe another 6 months.
Sorry for the confusion, I was talking about PSLF and the 120 payments rule. Unless I was misreading that.
Anyhoo, the point being that all this stuff is relatively new. I don't think most schools have even had LRAP long enough for anyone to complete the program. And the political situation right now is very dicey. It just seems like you're banking on a lot of things outside your control to fall into place. But if you're willing to take the risk, I wish you the best of luck!
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TIKITEMBO wrote:- What makes you think you're the special snowflake? Sure, you might be better prepared than many who come in with no PI experience, but 5.8% of the 2011 class at American worked in PI and 1.8% of the class at GMU worked in PI. Can you say with confidence that your credentials, networking, and grades will be better than 94% or 98% of your classmates?
I base those numbers (as do many schools and independent researchers) that this is self-selection.- If you are working in the non-profit sector, then surely you are aware of the dire funding situation that the sector is in. Let's say you're lucky enough to get a job. What happens when your org loses a key source of funding and has to lay you off, or even shut down completely? You would have, at most, six weeks to find another qualifying job or you're hit with a full loan payment. And since IBR/LRAP/PSLF often doesn't even touch the principle, you're always going to have a massive payment hanging over your head if you lose your job.
This isn't true. IBR means based on your income. Question 18 here: http://studentaid.ed.gov/students/attachments/siteresources/IBRQ&A_template_123109_FINAL.pdf. There is also alot of time between defermnet, forbearance, economic hardship. I called up the feds recently to ask about this and they stated that between all these factors it's possible for about 3 years of not being required to pay in some fashion based on various types of economic hardship. Yes, 6 months would be one of those things (say general deferment) but then you can ask for another consideration like "economic hardship" and you get I believe another 6 months.If all that doesn't dissuade you from retaking or not going, then I suppose American is the way to go. American seems to place significantly more in PI and the difference in debt is irrelevant since you'll be entirely reliant on IBR/LRAP/PSLF.
Thanks. I know American gets a good reputation of course for PI. I was surprised at how much there seems to be at GMU as well.
Anyway, I'm letting this thread die. It's turned into a "TIKITEMBO Dispells 10 Common Myths about IBR and PLSF People Who Haven't Fully Researched Them Cite". Thank you to those who put in helpful things here and there with actual references to back it up.
The fact is, if you enter PI you are not going to be in a position to pay back that amount of debt within 10 or 20 years even after three years in deferment/forbearance/hardship whatever. You will be totally reliant on the loan forgiveness provisions, meaning you will have to last for 10 or 20 years in the programs while interest keeps accruing. Law students relying on IBR/PSLF is an interesting phenomenon because those programs clearly were not constructed with such a systemic market distortion in mind. They are not created to absorb people regularly graduating from law schools with 150K or 200K in debt- that's in the top 1% or 0.5% of student loan debt holders.
Rep. Ryan's budget would never be enacted in its entirety. But it's the Republican negotiating platform and where they will begin to try to cut things as they push austerity. The Republicans do not actually give a shit about lower and middle income people, or they are laboring under a delusion that all these people need is less social and economic support to free them to suddenly go out and start small businesses or some crap. The Democrats WILL bargain away the futures of students to protect Medicare, Medicaid, Social Security, and their pet projects for their constituents. Students don't vote in great enough numbers, when they do vote a lot of them vote based on other issues, and there is no national organization looking out for the interests of students or young people in general. Student loans are an easy thing to dump in austerity.
I am a 3L at a T6 law school. I know PI students who do not have positions with less than two weeks to go in law school. I've worked for PI organizations before that have gotten 1000+ resumes for UNPAID summer positions. The market is savaged. I do not think you understand how bad it is right now. This isn't TLS elitism talking, it is the well-known fact that PI jobs in big cities are HARDER to get in some respects than biglaw. GMU or American are not schools where many people end their three years being able to choose from multiple options. People are jumping at the first opportunity, PI, gov't, small firm, non-law, they can get, so your competition will be fierce.
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