assets/retirement accounts LRAP

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slsorhls
Posts: 91
Joined: Thu Mar 15, 2012 9:50 pm

assets/retirement accounts LRAP

Postby slsorhls » Fri Mar 30, 2012 4:00 am

So it looks like some LRAPs will consider retirement accoutns as assets and thus lower their assistance to you. This would be relevant if one were to work in BigLaw for a couple years and then go into an LRAP-eligible position. How much do people usually put into retirement accounts while paying back loans?

I'm wondering if that savings would potentially get swallowed up.

BlueDiamond
Posts: 953
Joined: Wed Sep 29, 2010 12:56 pm

Re: assets/retirement accounts LRAP

Postby BlueDiamond » Fri Mar 30, 2012 6:32 am

if you work in biglaw a couple years theres no need for LRAP.. also do they even let you do that?

slsorhls
Posts: 91
Joined: Thu Mar 15, 2012 9:50 pm

Re: assets/retirement accounts LRAP

Postby slsorhls » Fri Mar 30, 2012 11:58 am

Why is there no need? You'd only pay off 2 years of your loans. With 10 year loans, of course there's a need?

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mattviphky
Posts: 1117
Joined: Fri Jan 28, 2011 6:43 pm

Re: assets/retirement accounts LRAP

Postby mattviphky » Fri Mar 30, 2012 2:28 pm

slsorhls wrote:Why is there no need? You'd only pay off 2 years of your loans. With 10 year loans, of course there's a need?


I think what they mean is that most people opt to put a great deal of their income into loan repayment, because not many people are in biglaw for 10 years.

slsorhls
Posts: 91
Joined: Thu Mar 15, 2012 9:50 pm

Re: assets/retirement accounts LRAP

Postby slsorhls » Fri Mar 30, 2012 3:39 pm

He said a couple of years. That's clearly nowhere near enough, so this question becomes relevant.




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