WHOA! I just got an email from the Director of Financial Aid at Boalt informing me that for the class of 2013, the only LRAP program available will be the LRAP/IBR program. An informative link to their new LRAP information (http://www.law.berkeley.edu/6190.htm) confirmed this:
"On a semiannual basis, LRAP will provide each participant a forgivable loan equal to his or her scheduled IBR student loan payments less any imputed contribution to be made on the principal and capitalized interest of eligible loans during the subsequent six-month period."
Are you guys/gals considering Berkeley aware of this? Does this change your decision matrix?
I, for one, am a bit worried about signing up for IBR. I'm committed to PI, but the idea of not being able to drop out of the program without (likely) owing more on my debt than I did at graduation is scary.
Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
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