Tiago Splitter wrote:At what point under the H/S LRAP's does one have to start contributing?
EDIT: This page gives a good breakdown for Harvard. Someone making 70k is expected to contribute $8400.
And that's per year. You could end up paying quite a bit over 10 years.
I'm not sure how that's super relevant. http://www.nalp.org/salarydistrib
Most public interest jobs pay between 30k-60k. The wealthiest schools (Stanford and Yale, at the very least) design their loan repayment programs around what people in public interest generally earn, and therefore don't start asking for contributions until you get above what most of their graduates make (I've talked to loan officers at two of HYS about this exact topic). http://media.law.stanford.edu/calculator/
Looking at Stanford's loan repayment calculator, assuming that you're making at the top of that range (60k) and have an AGI of 55k, your expected contribution will be (55k-50k) x 0.15 or $750 a year -- $62.50 per month even if you took out $250,000 in loans
Or, let's use your example. Let's say you manage to find a public interest job that pays 70k a year, and that you have an AGI of 65k. And, let's assume you took out 250,000 in loans at 6.5% interest rate --you paid full tuition, didn't really cut back budget-wise during your three years, and broke even during your summers. (Incidentally, I couldn't find the average loan numbers for Stanford, but roughly splitting the difference between Yale and Harvard leaves the average SLS student with 115k in loans at a around 6.5% average interest rate.) In this "worst" case scenario -- where you have massive loans out of Stanford and somehow find a public interest job paying $70,000 per year -- you'd be expected to pay $187.50 per month.
Sure, this isn't free, but it's darn cheap. And this doesn't change my point that the vast majority of folks doing public interest out of Stanford (and the majority of folks doing public interest out of Harvard) aren't going to have to pay back a dime.