If your school hasn't tied your LRAP to IBR then they obviously can afford to cover 3k per month. But the schools that have tied their LRAP's to IBR (most of the T-14 at this point) did so to save money. And they really can't afford to pay 3k per month per student enrolled in IBR. They don't have enough money set aside to cover 20% of their student body - not with the kind of debtload their students carry these days.FlanAl wrote:Myself and another guy at the non-profit I work for are both on LRAPs not tied to IBR. My payments aren't $3,500 but they are close to 3 grand and my school pays for close to all of it. The other guy's school does the same. These schools have millions set aside specifically for their LRAP programs and very few students who take advantage of them. As far as I can tell they can afford to pay that kind of cash and do. I think that there are plusses and minuses to programs tied to IBR but the TLS mantra that if your LRAP isn't tied to IBR it sucks isn't exactly true.Nomo wrote:HYS LRAP's aren't tied to IBR/PSLF. But pretty much every other T14 LRAP is. The schools are barely paying anything for these LRAP's because then nature of IBR makes the payments very low to begin with. I would be shocked if any LRAP tied to IBR is paying an average of more than $3,500 per year per student enrolled in the program.
But Repayment at T14 schools can be as much as $3,500/PER MONTH. The schools can't afford to pay out that kind of cash. And they won't.
I don't know what the T-14 mantra on this is, but I'm pretty sure that the best LRAP's are NOT tied to IBR. The problem is that there are only a few schools left who haven't tied their LRAP's to IBR.
