Twenty's guide to new (ish) LRAPs

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Dingo Starr
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Re: Twenty's guide to new (ish) LRAPs

Postby Dingo Starr » Mon Mar 03, 2014 3:18 pm

Apologies to twenty for mucking up an otherwise useful thread.
ColbyBryant wrote: There are subtle differences in income that will make people ineligible for certain LRAPs, with spousal income being an enormous variable that most of these threads do not take into account.
All PI applicants who are entertaining the possibility of getting married in the next 8 to 12 years should at least review how a spouse enters the equation.

True and if you got into the T14 you are smart enough to figure this out. Also there are income caps on LRAPs because the school doesn't think you need the help if your income is over X. It is possible that the school is correct.
there are countless threads discussing how paying off 300k in loans on a big law salary is terrifying.

Perhaps eating free lunch at school my entire life biases me, but I simply do not give a shit about the terrors of anyone taking home a big law salary. The number of threads to this effect prove nothing. ratfukr posts countless threads every week. That doesn't mean I take his opinion into consideration.
TL;DR
If your spouse is going to have an LRAP conflict, maybe you should consider a divorce. What's the law, if not there to be bent?

ColbyBryant
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Re: Twenty's guide to new (ish) LRAPs

Postby ColbyBryant » Tue Mar 04, 2014 3:19 pm

Dingo Starr wrote:True and if you got into the T14 you are smart enough to figure this out.


By that reasoning, this entire thread is pointless because anybody who gets into a T14 should be able to compare LRAPs on their own.

Dingo Starr wrote: Also there are income caps on LRAPs because the school doesn't think you need the help if your income is over X. It is possible that the school is correct.


Agreed. Just pointing out that applicants should take it into consideration. If we are going to split hairs about how much $$ you can make before a school stops covering your IBR/PAYE payment, we should certainly include how that ceiling changes with spousal income.

Dingo Starr wrote: Perhaps eating free lunch at school my entire life biases me, but I simply do not give a shit about the terrors of anyone taking home a big law salary. The number of threads to this effect prove nothing. ratfukr posts countless threads every week. That doesn't mean I take his opinion into consideration.


That's fine, you are entitled to your opinion, and I really agree with you about big law salaries. I was merely using it as an example of how the income limit would be altered in that theoretical couples' situation.

My request that spousal income be included in this thread has nothing to do with whether you or anybody else thinks people with spouses are entitled to LRAP. It is just a reminder for all of the TLSers and lurkers reading through this thread when doing research on their future careers in PI.

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twenty
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Re: Twenty's guide to new (ish) LRAPs

Postby twenty » Wed Mar 05, 2014 7:14 pm

Oh shit.

http://blogs.wsj.com/washwire/2014/03/0 ... -students/

Among the changes proposed Tuesday, individual borrowers would face new limits on how much debt that could have forgiven. The amount forgiven for public-sector workers would be capped at $57,500. Borrowers with debt loads above $57,500 would make payments for 25 years. And payments for married borrowers filing separately would be calculated on their combined household adjusted gross income.

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cron1834
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Re: Twenty's guide to new (ish) LRAPs

Postby cron1834 » Wed Mar 05, 2014 8:36 pm

Unbelievable. For the most part, folks with < $57k are not in the most dire of straits. Let's hope some sanity is restored here.

Thanks, Obama.

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twenty
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Re: Twenty's guide to new (ish) LRAPs

Postby twenty » Wed Mar 05, 2014 9:03 pm

Edited OP.

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Nebby
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Re: Twenty's guide to new (ish) LRAPs

Postby Nebby » Sat May 10, 2014 2:36 pm

RE: That WSJ article.

There's currently no cap on how much can be forgiven, correct?

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twenty
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Re: Twenty's guide to new (ish) LRAPs

Postby twenty » Sat May 10, 2014 4:20 pm

Yes, there's currently no cap.




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