UVA significantly updates LRAP program

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vanwinkle
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UVA significantly updates LRAP program

Postby vanwinkle » Wed Apr 07, 2010 1:51 pm

law.virginia.edu wrote:Under the new Virginia Loan Forgiveness Program (VLFP II), graduates who take public service jobs that pay less than $75,000 per year will be eligible for loan assistance. The new program will cover the entire annual loan payments for graduates who make $55,000 or less.

“The changes are designed to enable even more of our graduates to participate in the program with the goal of allowing students to pursue the careers they want regardless of educational debt,” said Dean Paul Mahoney.

http://www.law.virginia.edu/html/news/2010_spr/vlfp.htm

Interesting thing about this new program: It requires that you put your loans into IBR to participate. That makes sense, since the resulting lower payments will give them the ability to pay loans for more people, resulting in the cap increase. They'll pay for the full 10 years (as long as you stay in PI) and then the government will forgive the remainder under IBR.

This is big news for both current and future UVA students.

erniesto
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Re: UVA significantly updates LRAP program

Postby erniesto » Wed Apr 07, 2010 1:52 pm

So you don't pay a dime if you last for 10 years? Sounds delicious.

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vanwinkle
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Re: UVA significantly updates LRAP program

Postby vanwinkle » Wed Apr 07, 2010 1:53 pm

erniesto wrote:So you don't pay a dime if you last for 10 years? Sounds delicious.

That does sound like the upshot, and you can make up to $75K/year and still qualify!

jh60405
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Re: UVA significantly updates LRAP program

Postby jh60405 » Wed Apr 07, 2010 1:56 pm

What happens if you start out making less than 75,000 but then start making more? I'm guessing DOJ people won't get much out of this. Probably they will lose the UVA benefits and remain on the IBR plan.

Also, the whole concept of forgivness at the end of 10 years scares me. I much prefer the forgive as you go LRAP's.

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smov_operator
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Re: UVA significantly updates LRAP program

Postby smov_operator » Wed Apr 07, 2010 1:58 pm

vanwinkle wrote:
erniesto wrote:So you don't pay a dime if you last for 10 years? Sounds delicious.

That does sound like the upshot, and you can make up to $75K/year and still qualify!


Unfortunately, it only covers the full loan amount for people who make less than 55k.
Last edited by smov_operator on Wed Apr 07, 2010 2:01 pm, edited 1 time in total.

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vanwinkle
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Re: UVA significantly updates LRAP program

Postby vanwinkle » Wed Apr 07, 2010 2:00 pm

jh60405 wrote:What happens if you start out making less than 75,000 but then start making more? I'm guessing DOJ people won't get much out of this. Probably they will lose the UVA benefits and remain on the IBR plan.

Also, the whole concept of forgivness at the end of 10 years scares me. I much prefer the forgive as you go LRAP's.

That sounds like a correct assessment. Since IBR is not income-restricted you could remain in it, though you would lose the UVA benefits.

The thing to keep in mind is that the previous cap for UVA was severely restrictive (benefits started fading out quickly above $35K/yr), because of how high people's loan payments were. The old way was preferable if you could qualify, but not many people could. This creates a compromise that gives useful benefits to far more alumni.

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vanwinkle
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Re: UVA significantly updates LRAP program

Postby vanwinkle » Wed Apr 07, 2010 2:01 pm

smov_operator wrote:
vanwinkle wrote:
erniesto wrote:So you don't pay a dime if you last for 10 years? Sounds delicious.

That does sound like the upshot, and you can make up to $75K/year and still qualify!

Actually it only covers the full loan amount for people who make less than 55k.

"The new program will cover the entire annual loan payments for graduates who make $55,000 or less"

You're correct. It sounds like there's a prorated fadeout above $55K (which is how they used to do it, except it used to start fading out above $35K in income). You can qualify at up to $75K, but you won't receive full benefits above $55K.

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badwithpseudonyms
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Re: UVA significantly updates LRAP program

Postby badwithpseudonyms » Wed Apr 07, 2010 2:03 pm

vanwinkle wrote:This is big news for both current and future UVA students.


Yes it is! Thanks for posting this, vw. :D

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ReelectClayDavis
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Re: UVA significantly updates LRAP program

Postby ReelectClayDavis » Wed Apr 07, 2010 2:17 pm

This looks like an amazing improvment, might make my decision between V$$ and a CCN easier as I am planning on public service after graduation. As far as I know Virginia is the first to integrate their LRAP with IBR, which I was planning to participate in anyways.

I noticed in their PDF available at http://www.law.virginia.edu/pdf/admissi ... /vlfp2.pdf

"Funds are distributed to participants at the beginning of each calendar year and are completely forgiven by the Law School Foundation at the end of that year provided the graduate remains eligible for participation in VLFP II for the entire year. Note that complete forgiveness is provided on a calendar by calendar year basis — a longer-term commitment to VLFP II (i.e., beyond the calendar year) is not required."

Nice to see that the program will be year to year, i.e. they are not giving the forgivible loans and only forgiving them after 10 years or something.

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tallboone
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Re: UVA significantly updates LRAP program

Postby tallboone » Wed Apr 07, 2010 2:21 pm

ReelectClayDavis wrote: As far as I know Virginia is the first to integrate their LRAP with IBR, which I was planning to participate in anyways.


Several schools, including Berkeley, UCLA and Georgetown are already doing this, and most schools are retooling their LRAPs to work with Federal IBR/loan forgiveness. Kind of scary if the government decides it doesn't have the money in 10 years to be forgiving all these loans.

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badwithpseudonyms
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Re: UVA significantly updates LRAP program

Postby badwithpseudonyms » Wed Apr 07, 2010 2:29 pm

tallboone wrote:Kind of scary if the government decides it doesn't have the money in 10 years to be forgiving all these loans.


You'd be screwed regardless of whether you or your school's LRAP had been making your loan payments.

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tallboone
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Re: UVA significantly updates LRAP program

Postby tallboone » Wed Apr 07, 2010 2:32 pm

badwithpseudonyms wrote:
tallboone wrote:Kind of scary if the government decides it doesn't have the money in 10 years to be forgiving all these loans.


You'd be screwed regardless of whether you or your school's LRAP had been making your loan payments.


You would be more screwed than if LRAPs operated under the old model where the school helps you make full payments over the course of your loans (like NYUs program). Unless you mean in the general sense that all of America will be screwed if the government gets to that point.

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badwithpseudonyms
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Re: UVA significantly updates LRAP program

Postby badwithpseudonyms » Wed Apr 07, 2010 2:40 pm

tallboone wrote:
badwithpseudonyms wrote:
tallboone wrote:Kind of scary if the government decides it doesn't have the money in 10 years to be forgiving all these loans.


You'd be screwed regardless of whether you or your school's LRAP had been making your loan payments.


You would be more screwed than if LRAPs operated under the old model where the school helps you make full payments over the course of your loans (like NYUs program). Unless you mean in the general sense that all of America will be screwed if the government gets to that point.


That's true. I misread your post. But let's go with #2 (screwed in the general sense).

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Stringer Bell
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Re: UVA significantly updates LRAP program

Postby Stringer Bell » Wed Apr 07, 2010 3:13 pm

This is pretty solid.

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vanwinkle
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Re: UVA significantly updates LRAP program

Postby vanwinkle » Wed Apr 07, 2010 6:46 pm

It was pointed out in another thread that this new LRAP does not automatically apply to current students. It's currently only available to the Class of 2013 by default; Class of 2012 and more recent will have to apply to change over to it upon graduation and be considered on a case-by-case basis.

This makes me far less pleased.

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John J. Rambo, Esq.
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Re: UVA significantly updates LRAP program

Postby John J. Rambo, Esq. » Wed Apr 07, 2010 8:01 pm

Wow! I wish I knew this when I was submitting applications.

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billyez
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Re: UVA significantly updates LRAP program

Postby billyez » Fri Apr 09, 2010 11:27 pm

So happy. So, so happy. Still sad I'm paying sticker, but my future career as a public defender has gotten a little less stressful.

Da Stain
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Re: UVA significantly updates LRAP program

Postby Da Stain » Sat Mar 12, 2011 3:09 am

Can any UVA graduates shed some light on their success with transferring from LRAP I to LRAP II?

I'm curious whether Fin Aid office has been generous with this?

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R.R. Raskolnikov
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Re: UVA significantly updates LRAP program

Postby R.R. Raskolnikov » Thu Mar 17, 2011 12:13 pm

badwithpseudonyms wrote:
tallboone wrote:Kind of scary if the government decides it doesn't have the money in 10 years to be forgiving all these loans.


You'd be screwed regardless of whether you or your school's LRAP had been making your loan payments.


This is a year-late tangent, but when Michigan's financial aid office was discussing their LRAP at preview weekend this year, they said that the Federal IBR program was designed in such a way that it isn't a big number in the Federal budget i.e. I'm guessing that instead of apportioning money to pay off expiring loans, those loans just come off the books or something. Because of this, Michigan's office was confident that IBR is here to stay given the way that government budgeting works. If IBR doesn't take up a chunk of the budget it won't become some senator's pork barrell target, etc. I'm very much paraphrasing here, but that was the gist that I got from them.

Also, my thinking is that given the lower salaries in government IBR really has to be one of the government's best recruiting tools for higher end talent. You would hope that would lead to IBR sticking around, but then logic doesn't always prevail. Who knows what future administrations would do, etc.

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Re: UVA significantly updates LRAP program

Postby Emma1 » Sat Mar 19, 2011 2:43 pm

Sothis program sounds very similar to GULC's. What happens if you stop working for a qualified PI position( lose political job, etc.)? How long do you have to get back in the program. I am conncerned about a break in the 10 year period and how it is handled. Does anyone know how UVA handles or will handle it?

Emma1
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Re: UVA significantly updates LRAP program

Postby Emma1 » Sat Mar 19, 2011 3:14 pm

So it looks like under the old UVA program and perhaps the new program, that if a break in employment occurrs and you take a job in an unqualifying position like private practice you can not reenter the program. This ia a little frightening. I am thinking about a scenerio where you lose your politcal job like an Assistant DA, Attorney General , Public Defender because a new political party comes into power. If you take any unqualifying employment to hold you over until you get another qualifying position you are booted out of the program and forgiveness of the loan! This probably applies to other law school programs as well.

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Re: UVA significantly updates LRAP program

Postby BruceWayne » Sat Mar 19, 2011 3:18 pm

Emma1 wrote:So it looks like under the old UVA program and perhaps the new program, that if a break in employment occurrs and you take a job in an unqualifying position like private practice you can not reenter the program. This ia a little frightening. I am thinking about a scenerio where you lose your politcal job like an Assistant DA, Attorney General , Public Defender because a new political party comes into power. If you take any unqualifying employment to hold you over until you get another qualifying position you are booted out of the program and forgiveness of the loan! This probably applies to other law school programs as well.


Being an ADA or PD is not a political job. Only THE DA THE AG is a politically appointed position. The ADAs, AGAs, etc. are "normal" positions.

Emma1
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Re: UVA significantly updates LRAP program

Postby Emma1 » Sat Mar 19, 2011 3:22 pm

BruceWayne wrote:
Emma1 wrote:So it looks like under the old UVA program and perhaps the new program, that if a break in employment occurrs and you take a job in an unqualifying position like private practice you can not reenter the program. This ia a little frightening. I am thinking about a scenerio where you lose your politcal job like an Assistant DA, Attorney General , Public Defender because a new political party comes into power. If you take any unqualifying employment to hold you over until you get another qualifying position you are booted out of the program and forgiveness of the loan! This probably applies to other law school programs as well.


Being an ADA or PD is not a political job. Only THE DA THE AG is a politically appointed position. The ADAs, AGAs, etc. are "normal" positions.


Not true! When a Distict Attorney etc, leaves so goes his staff in many jurisdictions. So if you are an ADA and your boss loses usually the ADA's are replaced with new attorneys from the winning political party. PD positions usually are determined by who the PD is and that is controlled by county executive or county government ( again what party is in control). The state Attorney General's position is an elected position and when another political party comes in ( another AG) usually they replace the assistant attorney generals with attorneys from the the winning party. So if you are in the LPAP program you better go to a jurisdiction where the political party in control doesn't change too often.

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BruceWayne
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Re: UVA significantly updates LRAP program

Postby BruceWayne » Sat Mar 19, 2011 4:17 pm

Emma1 wrote:
BruceWayne wrote:
Emma1 wrote:So it looks like under the old UVA program and perhaps the new program, that if a break in employment occurrs and you take a job in an unqualifying position like private practice you can not reenter the program. This ia a little frightening. I am thinking about a scenerio where you lose your politcal job like an Assistant DA, Attorney General , Public Defender because a new political party comes into power. If you take any unqualifying employment to hold you over until you get another qualifying position you are booted out of the program and forgiveness of the loan! This probably applies to other law school programs as well.


Being an ADA or PD is not a political job. Only THE DA THE AG is a politically appointed position. The ADAs, AGAs, etc. are "normal" positions.


Not true! When a Distict Attorney etc, leaves so goes his staff in many jurisdictions. So if you are an ADA and your boss loses usually the ADA's are replaced with new attorneys from the winning political party. PD positions usually are determined by who the PD is and that is controlled by county executive or county government ( again what party is in control). The state Attorney General's position is an elected position and when another political party comes in ( another AG) usually they replace the assistant attorney generals with attorneys from the the winning party. So if you are in the LPAP program you better go to a jurisdiction where the political party in control doesn't change too often.


No offense, but I was told by the head of Public Services at a top 10 that this simply isn't true. Not to mention by a former federal prosecutor/Supreme Court clerk. Yes the DA and the US Attorney (for example) are politically appointed. But they DO NOT routinely "clean out" the entire staff every time a new DA or new US Attorney is elected. Think about how inefficient/stupid that would be. That would essentially mean that every 4 years or so they had to retrain their entire staff and they could never have anyone with more than around 4 years experience in the office--that's utterly ridiculous.

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fatduck
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Re: UVA significantly updates LRAP program

Postby fatduck » Sat Mar 19, 2011 4:19 pm

BruceWayne wrote:
Emma1 wrote:
BruceWayne wrote:
Emma1 wrote:So it looks like under the old UVA program and perhaps the new program, that if a break in employment occurrs and you take a job in an unqualifying position like private practice you can not reenter the program. This ia a little frightening. I am thinking about a scenerio where you lose your politcal job like an Assistant DA, Attorney General , Public Defender because a new political party comes into power. If you take any unqualifying employment to hold you over until you get another qualifying position you are booted out of the program and forgiveness of the loan! This probably applies to other law school programs as well.


Being an ADA or PD is not a political job. Only THE DA THE AG is a politically appointed position. The ADAs, AGAs, etc. are "normal" positions.


Not true! When a Distict Attorney etc, leaves so goes his staff in many jurisdictions. So if you are an ADA and your boss loses usually the ADA's are replaced with new attorneys from the winning political party. PD positions usually are determined by who the PD is and that is controlled by county executive or county government ( again what party is in control). The state Attorney General's position is an elected position and when another political party comes in ( another AG) usually they replace the assistant attorney generals with attorneys from the the winning party. So if you are in the LPAP program you better go to a jurisdiction where the political party in control doesn't change too often.


No offense, but I was told by the head of Public Services at a top 10 that this simply isn't true. Not to mention by a former federal prosecutor/Supreme Court clerk. Yes the DA and the US Attorney (for example) are politically appointed. But they DO NOT routinely "clean out" the entire staff every time a new DA or new US Attorney is elected. Think about how inefficient/stupid that would be. That would essentially mean that every 4 years or so they had to retrain their entire staff and they could never have anyone with more than around 4 years experience in the office--that's utterly ridiculous.

isn't there some sort of government occam's razor that says the more inefficient a policy is, the more likely it is to be practiced?




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