LRAP's Compared

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
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doyleoil
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Re: LRAP's Compared

Postby doyleoil » Thu May 14, 2009 9:21 am

toaster2 wrote:I was reading in another thread that there may have been an error in how the Columbia figures were calculated concerning other grad school debt. Has anyone looked into this? It seems like it might make a significant difference.


i think someone brought this to my attention and i fixed it - however, if it's still wrong, feel free to show me where and i'll change it again

toaster2
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Re: LRAP's Compared

Postby toaster2 » Thu May 14, 2009 11:18 am

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Last edited by toaster2 on Tue May 25, 2010 1:28 am, edited 1 time in total.

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doyleoil
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Re: LRAP's Compared

Postby doyleoil » Thu May 14, 2009 6:16 pm

toaster2 wrote:
It would also be useful if someone wanted to redo all of your calculations without the other grad school debt payments because it skews the numbers and isn't reflective of the situation most of us will find ourselves in.


others have mentioned this would be useful - anyone can feel free to pm me if you decide to do it, and i'll update the original post - i just haven't had the desire to go through the calculations myself - it's not that hard though - if you look at the numbers, usually it's a simple matter of adding an extra fixed amount to the take-home amount (5k or something like that)

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rolark
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Re: LRAP's Compared

Postby rolark » Fri May 29, 2009 9:41 am

Thanks for this.

There are a few new developments which we might want to consider:

1) Berkeley now works in conjunction with the federal LRAP and has gotten rid of the 100k cap.
2) Harvard is now planning on canceling one year of tuition for students going into public interest.

Not being a math person I'm not even going to try to figure out if/how this fits into monthly LRAP expectations, but it will sure make the overall burden more palatable.

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thanksfornothing
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Re: LRAP's Compared

Postby thanksfornothing » Fri Jul 24, 2009 10:24 pm

this is actually really helpful

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MC Southstar
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Re: LRAP's Compared

Postby MC Southstar » Fri Jan 01, 2010 3:23 pm

Penn made changes to their income bracketing in 2009, btw.

max
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Re: LRAP's Compared

Postby max » Tue Jan 26, 2010 3:52 pm

would OP mind adding georgetown to that list of compared LRAPs?

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crackberry
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Re: LRAP's Compared

Postby crackberry » Wed Feb 03, 2010 1:58 pm

tag

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Kronk
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Re: LRAP's Compared

Postby Kronk » Wed Feb 03, 2010 2:04 pm

shadowfrost000 wrote:Penn made changes to their income bracketing in 2009, btw.



Doyle doesn't really post here. What do you say we delegate out schools and reasses? Anyone willing to help me out?

crackberry--can you check SLS' program since, you know, you're accepted? ;) SF want to get Penn?

I will take care of NYU and CLS. Hopefully others will pick up some slack.

We should probably set up parameters, too. Let me know what you guys want to do, for now, I'll assume these are them:

-No undergraduate debt
-No spousal income that exceeds self income
-No assets that exceed the amount of the loan

If there are any caveats to the program, make sure they're noted?


annnnnnnnd break!

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crackberry
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Re: LRAP's Compared

Postby crackberry » Wed Feb 03, 2010 2:11 pm

Yeah I'll do SLS but I'm slammed at work this week. It could take me until the end of the weekend.

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Kronk
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Re: LRAP's Compared

Postby Kronk » Wed Feb 03, 2010 6:49 pm

crackberry wrote:Yeah I'll do SLS but I'm slammed at work this week. It could take me until the end of the weekend.


Same here. I figure as long as we do it by March or so it'll be helpful in making decisions. Probably should start a new thread, too, since we can't edit Doyle's. I'll PM you when I start it.

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crackberry
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Re: LRAP's Compared

Postby crackberry » Wed Feb 03, 2010 6:57 pm

VoidSix wrote:
crackberry wrote:Yeah I'll do SLS but I'm slammed at work this week. It could take me until the end of the weekend.


Same here. I figure as long as we do it by March or so it'll be helpful in making decisions. Probably should start a new thread, too, since we can't edit Doyle's. I'll PM you when I start it.

Works for me. Let me know.

lawschooliseasy
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Re: LRAP's Compared

Postby lawschooliseasy » Fri Feb 05, 2010 3:11 am

Can we expand the LRAP info to include the T25? I won´t be going to Yale. **tear**

Jon Gosselin
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Re: LRAP's Compared

Postby Jon Gosselin » Sat Feb 06, 2010 1:14 pm

Thanks for posting this - I was getting tired of flipping through pages and pages of LRAP policies from different schools. The cross-comparisons are very useful, even if the sample calculations are a bit simplistic.

Hopefully all the schools raise the income levels a bit in the years before we graduate.

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2807
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Re: LRAP's Compared

Postby 2807 » Sat Feb 06, 2010 1:28 pm

Are you taking 30% off the top for income tax every time? That is way too high. Certainly with the lower incomes you cite. It would be much closer to half that net. You are too high and assuming no deductions, even the standard ones, let alone all of the others. That alone will increase the net take home pay by thousands of dollars. $$$$

Good break-down, but major flaw for the 30% taxation with those incomes.

At least make it clear that this is worst-case scenario and assumes you do not have ONE deduction, which of course all of us will. It is reasonable that on your 60K a year to 75K a year people could pay nearly no taxes if they owned a home and/or had 1 child. That would change things wouldn't it.

It would help to clarify that.

edit: I did not see that there are many pages here, maybe this has been addressed. Sorry. Anyway, the taxation issue is hopefully understood by the readers. Just looking at the initial breakdowns of the schools in the OP post it is clear that those low "take-home" pays are way off. A simple mortgage on a house will offset all of that income tax and your take-home pay will be your current gross, or very close to it. It happens all day long, and if not--- get a new accountant.

Still, very good breakdown of info and I thank you for that. Just trying to give some people a little hope.

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Lermontov
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Re: LRAP's Compared

Postby Lermontov » Mon Mar 15, 2010 2:19 pm

crackberry wrote:
VoidSix wrote:
crackberry wrote:Yeah I'll do SLS but I'm slammed at work this week. It could take me until the end of the weekend.


Same here. I figure as long as we do it by March or so it'll be helpful in making decisions. Probably should start a new thread, too, since we can't edit Doyle's. I'll PM you when I start it.

Works for me. Let me know.


Did this ever wind up happening? I'd be willing/should have the time over the next week or two to help out if it's still in the works.

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vanwinkle
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Re: LRAP's Compared

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

I don't know if OP is even still around to update it, but UVA just updated their LRAP to the new and improved LRAP II! OP's info regarding UVA is no longer accurate as a result, at least for the time being.

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

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odiero
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Re: LRAP's Compared

Postby odiero » Thu Apr 08, 2010 5:17 pm

CLS's LRAP policy now says the following re: assets:

“If... possession of significant assets, further information, and an adjustment to LRAP benefits may be required.”

Nice and precise.

I'd be willing to help build updated profiles. Would be good to know what others have already done, though.

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jtemp320
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Re: LRAP's Compared

Postby jtemp320 » Fri Feb 18, 2011 3:19 am

Reviving this thread because its very informative and I see a number of people who want to do public interest and are deciding between these schools.

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crumpetsandtea
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Re: LRAP's Compared

Postby crumpetsandtea » Fri Feb 18, 2011 5:20 am

jtemp320 wrote:Reviving this thread because its very informative and I see a number of people who want to do public interest and are deciding between these schools.

Thanks for the bump!!

--ImageRemoved--

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law_monkey
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Re: LRAP's Compared

Postby law_monkey » Fri Feb 18, 2011 3:25 pm

Sooooo tagging!!!

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Excellence = a Habit
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Re: LRAP's Compared

Postby Excellence = a Habit » Sat Feb 19, 2011 5:53 pm

Tagged!

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DeeCee
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Re: LRAP's Compared

Postby DeeCee » Sat Feb 19, 2011 6:22 pm

tag

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upalittletoolate
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Re: LRAP's Compared

Postby upalittletoolate » Sun Feb 20, 2011 6:56 pm

Any way we could get an update to the UVA portion?

fhuseth
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Re: LRAP's Compared

Postby fhuseth » Sun Mar 06, 2011 10:36 pm

Has anyone else seen that American significantly improved their LRAP? They now cover monthly IBR payments for up to ten years upon graduating, and they increased their salary ceiling to $75k. The breakdown is:

100% covered up to $50k
75% covered up to $57.5k
50% covered up to $65k
25% covered up to $75k

And for married applicants, they look at average income to determine eligibility. From what I have been reading, I haven't been able to find a non-T14 school with that that solid of a LRAP. Does anybody know of schools outside of the T14 with a comparable program?




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