LRAP

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rw2264
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Joined: Sat Nov 07, 2009 2:59 am

LRAP

Postby rw2264 » Sat Jan 09, 2010 2:34 pm

is it ridiculous for me to plan on relying on LRAP when i graduate? i want to go into public interest but i'll probably also go to a top 30 at anywhere from 1/2 tuition to sticker... assuming the school has an excellent LRAP that includes all types of government loans + private loans used toward my degree (which the one i'm considering does, and its private so there is a low risk of it going broke) and i do indeed decide to go into public interest, would any of you still advise against this route? i really don't want to go to a lower-ranked school for cheaper (on the off chance that i decide i want biglaw and screw myself out of it by not being the top 5% of the class. top 25 i can deal with).

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Drake014
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Re: LRAP

Postby Drake014 » Sat Jan 09, 2010 2:37 pm

rw2264 wrote:is it ridiculous for me to plan on relying on LRAP when i graduate? i want to go into public interest but i'll probably also go to a top 30 at anywhere from 1/2 tuition to sticker... assuming the school has an excellent LRAP that includes all types of government loans + private loans used toward my degree (which the one i'm considering does, and its private so there is a low risk of it going broke) and i do indeed decide to go into public interest, would any of you still advise against this route? i really don't want to go to a lower-ranked school for cheaper (on the off chance that i decide i want biglaw and screw myself out of it by not being the top 5% of the class. top 25 i can deal with).


If you're single, counting on LRAP's not a bad idea. Keep in mind that if you marry, they count your spouse's income.

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rw2264
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Re: LRAP

Postby rw2264 » Sat Jan 09, 2010 2:42 pm

well the income ceiling for this school's LRAP is 70k and if i ever got married it would probably be when i was like, 35... (21 now) so good, i now give myself permission to go into 120k of debt! thank you

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beef wellington
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Re: LRAP

Postby beef wellington » Sun Jan 10, 2010 12:54 am

Drake014 wrote:
rw2264 wrote:is it ridiculous for me to plan on relying on LRAP when i graduate? i want to go into public interest but i'll probably also go to a top 30 at anywhere from 1/2 tuition to sticker... assuming the school has an excellent LRAP that includes all types of government loans + private loans used toward my degree (which the one i'm considering does, and its private so there is a low risk of it going broke) and i do indeed decide to go into public interest, would any of you still advise against this route? i really don't want to go to a lower-ranked school for cheaper (on the off chance that i decide i want biglaw and screw myself out of it by not being the top 5% of the class. top 25 i can deal with).


If you're single, counting on LRAP's not a bad idea. Keep in mind that if you marry, they count your spouse's income.


They just fixed this a few weeks ago.

Here's the relevant part of the email I got from IBRinfo.org:

* Current rule: When two married individuals both have student loan debt and file taxes jointly, they could face up to double the monthly IBR payment of two unmarried borrowers in otherwise identical situations. This is because their combined income is used to calculate each spouse's own IBR payment, ignoring the fact that their joint income must be used to pay down both borrowers' debts.
* Starting in July 2010: This problem will be fixed, as lenders will factor in both spouses' federal loan debts as well as their joint income when calculating IBR payments.

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thalassocrat
Posts: 488
Joined: Wed Sep 23, 2009 8:07 pm

Re: LRAP

Postby thalassocrat » Sun Jan 10, 2010 1:33 am

beef wellington wrote:
Drake014 wrote:
rw2264 wrote:is it ridiculous for me to plan on relying on LRAP when i graduate? i want to go into public interest but i'll probably also go to a top 30 at anywhere from 1/2 tuition to sticker... assuming the school has an excellent LRAP that includes all types of government loans + private loans used toward my degree (which the one i'm considering does, and its private so there is a low risk of it going broke) and i do indeed decide to go into public interest, would any of you still advise against this route? i really don't want to go to a lower-ranked school for cheaper (on the off chance that i decide i want biglaw and screw myself out of it by not being the top 5% of the class. top 25 i can deal with).


If you're single, counting on LRAP's not a bad idea. Keep in mind that if you marry, they count your spouse's income.


They just fixed this a few weeks ago.

Here's the relevant part of the email I got from IBRinfo.org:

* Current rule: When two married individuals both have student loan debt and file taxes jointly, they could face up to double the monthly IBR payment of two unmarried borrowers in otherwise identical situations. This is because their combined income is used to calculate each spouse's own IBR payment, ignoring the fact that their joint income must be used to pay down both borrowers' debts.
* Starting in July 2010: This problem will be fixed, as lenders will factor in both spouses' federal loan debts as well as their joint income when calculating IBR payments.


That's for IBR, which is a government program. LRAP is something individual schools offer, with varying terms depending on the school, that is wholly separate from IBR.

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beef wellington
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Joined: Mon Oct 12, 2009 10:05 am

Re: LRAP

Postby beef wellington » Sun Jan 10, 2010 1:39 am

thalassocrat wrote:
beef wellington wrote:
Drake014 wrote:
rw2264 wrote:is it ridiculous for me to plan on relying on LRAP when i graduate? i want to go into public interest but i'll probably also go to a top 30 at anywhere from 1/2 tuition to sticker... assuming the school has an excellent LRAP that includes all types of government loans + private loans used toward my degree (which the one i'm considering does, and its private so there is a low risk of it going broke) and i do indeed decide to go into public interest, would any of you still advise against this route? i really don't want to go to a lower-ranked school for cheaper (on the off chance that i decide i want biglaw and screw myself out of it by not being the top 5% of the class. top 25 i can deal with).


If you're single, counting on LRAP's not a bad idea. Keep in mind that if you marry, they count your spouse's income.


They just fixed this a few weeks ago.

Here's the relevant part of the email I got from IBRinfo.org:

* Current rule: When two married individuals both have student loan debt and file taxes jointly, they could face up to double the monthly IBR payment of two unmarried borrowers in otherwise identical situations. This is because their combined income is used to calculate each spouse's own IBR payment, ignoring the fact that their joint income must be used to pay down both borrowers' debts.
* Starting in July 2010: This problem will be fixed, as lenders will factor in both spouses' federal loan debts as well as their joint income when calculating IBR payments.


That's for IBR, which is a government program. LRAP is something individual schools offer, with varying terms depending on the school, that is wholly separate from IBR.


Right, which is why I assumed Drake was talking about the IBR rule when he said "they" count your spouse's income. But yeah, thx for clarifying.

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Trifles
Posts: 159
Joined: Thu Oct 22, 2009 10:55 pm

Re: LRAP

Postby Trifles » Sun Jan 10, 2010 1:41 am

rw2264 wrote:is it ridiculous for me to plan on relying on LRAP when i graduate? i want to go into public interest but i'll probably also go to a top 30 at anywhere from 1/2 tuition to sticker... assuming the school has an excellent LRAP that includes all types of government loans + private loans used toward my degree (which the one i'm considering does, and its private so there is a low risk of it going broke) and i do indeed decide to go into public interest, would any of you still advise against this route? i really don't want to go to a lower-ranked school for cheaper (on the off chance that i decide i want biglaw and screw myself out of it by not being the top 5% of the class. top 25 i can deal with).


Well, better hope you arn't unemployed, because most LRAP only helps if you have applicable legal employment.




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