After LRAP

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Tarheel1234
Posts: 22
Joined: Fri Mar 02, 2012 1:31 pm

After LRAP

Postby Tarheel1234 » Wed May 16, 2012 12:54 pm

Hi guys,

Prospective law student here. I was gathering a little more information about LRAP and how it works. A couple of things:

1) If a student decides to pursue the LRAP route, I am guessing it is no easier to land employment than if a student decides not to pursue this route, is that correct?

Basically what I am trying to say is that just because a student pursues the LRAP method does not make a job after law school easier to obtain, is that right?

2) Would you guys know what the possibilities are after fulfilling an LRAP job? How difficult would you say it would be to transition into private practice or in-house after meeting the time length obligation of an LRAP employment.

3) What are some caveats or personal stories that one should be made aware of before making qualifying for LRAP a goal?

Thanks.

2012JayDee
Posts: 113
Joined: Tue May 29, 2012 10:49 pm

Re: After LRAP

Postby 2012JayDee » Thu May 31, 2012 12:12 am

I'm not sure you quite understand LRAP.

LRAP is a program that allows you to only pay a certain percentage of your pay for a number of years before having any debt remaining canceled. LRAP can come from your school or can come from certain bar organizations, and can carry different requirements.

So you get the job.
The job qualifies for LRAP under a certain program.
LRAP applies and you work and pay your loans according to the terms.

So, for example: You get a job as and Assistant DA. Your pay is $40,000. Your job qualifies you for LRAP with the State Bar Association. You pay $400/month towards you student loan debt. If you remain with the DA's office for 10 years then whatever debt you have remaining after the 10 years will be forgiven.

LRAP jobs are by no means easy to get. They are essentially jobs that any person out of law school would apply for. You have to apply and be hired just as any law school student would apply. In some cases, these can be extraordinarily competitive positions.

A job that qualifies for LRAP at one school may not qualify at another, because that school has different requirements.
Transitioning into private practice after working in a qualifying LRAP job is not altogether impossible and it's not that uncommon. Many people leave prosecutors offices or other government positions and accept jobs in-house or with firms. However, it's much more common for it to work the other way around. Typically people leave large firms and oro government work or public interest work.
hope this helps

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soccer88
Posts: 105
Joined: Wed Jan 25, 2012 7:25 pm

Re: After LRAP

Postby soccer88 » Thu May 31, 2012 4:26 pm

What if, instead of getting the aforementioned job with the DA's office for 40K, you get a job at the Solicitor General's office making 60K. You start below school x's max salary, which we'll say for argument's sake is 75k, but after a six years and several raises now make 78k. Do you no longer qualify and have to pay loans in full (since most LRAP programs require ten years of PI)? How does this effect LRAP

2012JayDee
Posts: 113
Joined: Tue May 29, 2012 10:49 pm

Re: After LRAP

Postby 2012JayDee » Thu May 31, 2012 5:00 pm

soccer88 wrote:What if, instead of getting the aforementioned job with the DA's office for 40K, you get a job at the Solicitor General's office making 60K. You start below school x's max salary, which we'll say for argument's sake is 75k, but after a six years and several raises now make 78k. Do you no longer qualify and have to pay loans in full (since most LRAP programs require ten years of PI)? How does this effect LRAP



In your scenario you will likely remain qualified. I'm not 100% sure but I know there are increases allowed for raises in salary. They are usually the equivalent of the known raises in that career field. It is not completely unlikely that your salary could be raised to the point where you no longer qualify for subsidized payments and you may be required to begin a standard payment scale in accordance with your loan payback, but it's not likely to occur if you remain in the qualifying position you took. Each LRAP program is different and I'm not completely familiar with the program, so I can't really speak to all the specifics. Since each school/job/state can make it's own LRAP rules I'm guessing that in states where the starting salaries for qualifying jobs is higher, the threshold salary for no longer being qualified is also higher.


Rose789
Posts: 14
Joined: Mon Jun 04, 2012 11:07 pm

Re: After LRAP

Postby Rose789 » Fri Jun 08, 2012 12:05 am

Make sure you read the stipulations for your school.

I was initially excited about the prospect of being able to do the kind of work I loved and cut a break on my loans. But I read the LRAP agreement for my school. If I get married and my partner and I make over a minimum, I owe the debt back to my school immediately. I am getting married in the foreseeable future, and my partner makes six figures at his firm. I would love getting that bill on the honeymoon...




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