LRAP
- rw2264
- Posts: 314
- Joined: Sat Nov 07, 2009 2:59 am
LRAP
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).
- Drake014
- Posts: 845
- Joined: Tue Jan 13, 2009 4:22 pm
Re: LRAP
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.
- beef wellington
- Posts: 882
- Joined: Mon Oct 12, 2009 10:05 am
Re: LRAP
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.
- thalassocrat
- Posts: 488
- Joined: Wed Sep 23, 2009 8:07 pm
Re: LRAP
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.
- beef wellington
- Posts: 882
- Joined: Mon Oct 12, 2009 10:05 am
Re: LRAP
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.
- Trifles
- Posts: 159
- Joined: Thu Oct 22, 2009 10:55 pm
Re: LRAP
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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