Cornell PILIPP (LRAP)

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TR Fan
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Cornell PILIPP (LRAP)

Postby TR Fan » Sat Mar 12, 2011 12:21 pm

For those considering Cornell and interested in PI: please be aware that the Public Interest Low Income Protection Plan (PILIPP) requires participants to enroll in the Standard repayment plan; graduates in IBR are not eligible. To the best of my knowledge, this restriction is not described in any of the PILIPP materials made available online or in the packets sent to admitted students. I only learned of it after exchanging emails with staff at the financial aid office.

While Cornell is still a top choice for me, I'm rather dismayed by the school's decision to tie PILIPP to Standard repayment given the heavy burden Standard places on graduates, particularly those on PI salaries. The official I spoke with basically admitted that the plan would likely only benefit graduates who work in PI for a few years (making headway towards paying down their principle debt) then switch to the private sector. This leaves those of us who would like to make a career in PI (and will have too much debt to make Standard repayment feasible, even with PILIPP assistance), basically with no incentive to enroll in PILIPP.

Are there any current Cornell students or alumni who can speak to their experiences with PILIPP?

Emma1
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Re: Cornell PILIPP (LRAP)

Postby Emma1 » Mon Mar 14, 2011 12:58 pm

I would also like to know more about this. Cornell's tuition which itself is over $50,000 is of concern to me as it is. I thought they touted that one of the good things about their program was that you could collect as you worked and it wasn't required that you work ten years as Georgetown's does.

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Flett
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Re: Cornell PILIPP (LRAP)

Postby Flett » Mon Mar 14, 2011 1:44 pm

This makes my Cornell acceptance feel much less awesome than in days past. I'm going to be paying sticker for any T30, or even T40, school. I'm very lucky to have been accepted to Cornell, even as a URM, but if this PILIPP information is accurate Notre Dame is starting to look quite appealing. :?

Emma1
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Re: Cornell PILIPP (LRAP)

Postby Emma1 » Sat Mar 19, 2011 2:51 pm

Can you explain standard repayment plan and IBR? Not sure of the difference!

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TR Fan
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Re: Cornell PILIPP (LRAP)

Postby TR Fan » Sat Mar 19, 2011 8:26 pm

Emma1 wrote:Can you explain standard repayment plan and IBR? Not sure of the difference!



http://studentaid.ed.gov/PORTALSWebApp/ ... fRepay.jsp

flcath
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Re: Cornell PILIPP (LRAP)

Postby flcath » Sat Mar 19, 2011 8:38 pm

LRAPs are gonna be pretty fucking useless if this is how schools reconcile them w/ IBR.

I would be shocked if Cornell is the only big name to do this.

spondee
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Re: Cornell PILIPP (LRAP)

Postby spondee » Sat Mar 19, 2011 9:54 pm

Why is this so bad?

For someone that may not stay in PI work for 120 fairly consecutive, qualifying months, this seems better than IBR.

Under IBR, if you have substantial loan debt, your payments won't exceed interest, so your outstanding debt continues to grow. If you leave PI work after a few years of IBR, you'll owe more than you did when you graduated.

Under Cornell's plan, your payments (with Cornell's help) will exceed interest and reduce your debt principal. If you leave PI work after a few years under standard repayment, your outstanding debt is reduced. And Cornell forgives the loans they make to you, so you don't need to pay them back.

Emma1
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Re: Cornell PILIPP (LRAP)

Postby Emma1 » Sat Mar 19, 2011 10:19 pm

spondee wrote:Why is this so bad?

For someone that may not stay in PI work for 120 fairly consecutive, qualifying months, this seems better than IBR.

Under IBR, if you have substantial loan debt, your payments won't exceed interest, so your outstanding debt continues to grow. If you leave PI work after a few years of IBR, you'll owe more than you did when you graduated.

Under Cornell's plan, your payments (with Cornell's help) will exceed interest and reduce your debt principal. If you leave PI work after a few years under standard repayment, your outstanding debt is reduced. And Cornell forgives the loans they make to you, so you don't need to pay them back.


Well you could wind up with hugh payments once you stop PI work depending on how much you borrowed.




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