rolark wrote:Can anyone tell me if there's any chance Michigan could revamp its LRAP to catch up with some of its peers?
This is the worst time to be getting cold feet, but I've found myself with some doubts. I think the Michigan environment would be great for me, but, even with scholarship money, it looks like my monthly payments to Michigan could end up a lot more than a lot of other schools with stronger LRAPs.
It would be great if I could find any current students who thought/are thinking about this as they look at future PI work.
Not a current student, but I thought Mich had one of the stronger and more comprehensive LRAPs, no?
It's certainly not the worst. You pay 35% of anything you make over $36k, and any job which requires a JD qualifies. It seems much more straightforward than many other schools.
Still, this means that if you're making around $50k a year, you owe $350 or so a month. Compare that to $0 at Berkeley or Columbia, or about $80 at NYU. (The big disadvantage of Berkeley is that you have to switch to the government IBR program, meaning you pay less, but, for the most part, that debt lingers over your head until the 10 year forgiveness mark).
Okay, I don't want to get too far off topic on the Michigan question thread . . .