Flips88 wrote:Not sure if it would be suicide per se, but Northwestern's LRAP does have what I think is a unique aspect where it pays down part of your unpaid interest every year to keep your interest from ballooning out of control for cases like this. I believe they pay up to 5 years and it is on a sliding scale dependent on income. If your salary was $100k and you were living in Chicago, things would probably be tight and it'd take you a while to pay off loans. If you're living somewhere cheaper and making that and can put $40k of your income to loans every year you may be able to pay them off in a reasonable time.
Thanks for the response. I did read about their interest payments, which is what is making consider alternate career paths. I will be living in Chicago, though not necessarily in the city, so it does seem a bit tight.
Their calculator shows the annual repayment under a 10-year plan at nearly $30k, annual IBR payment at ~$5300, annual unpaid interest at ~$10600, and the LRAP award at $12k. So, if I participated for five years, I would pay about $4k per year. After those five years though, how much would I have left in loans? Is $30k deducted from my loan amount each year, working out to about $100k left or is $16k deducted from my loan amount each year, leaving me with about $170k?*
*I suck at calculating loans and such.