Dignan wrote:fortissimo wrote:Dignan wrote:scribelaw wrote:
Another consideration is the fact that NYU (and Columbia) have far superior LRAP programs to Chicago or Penn (and the rest of the T10).
I agree that NYU and Columbia have superior LRAP programs to Chicago and Penn. But I'm not sure about your claim about the rest of the T10. From what I've read, NYU's and and Colubmia's LRAPs are not better, and in some cases are a little worse, than the LRAPs of Berkeley, Stanford, and Yale.
NYU's LRAP is better than Berkeley's, but worse than Stanford's.
I know that NYU's LRAP used to be a little better than Berkeley's, but I think that Berkeley's new LRAP (announced last month for the class of 2013) is better than NYU's. If I read it correctly, Berkeley will pay all loans for those with incomes of $65,000 or less in qualifying employment. $65K is almost $20K higher than NYU's cap. Now, there might be something I'm missing; perhaps the NYU program is more forgiving or permissive in some important respect. But based on a cursory reading, Berkeley's LRAP looks pretty sweet:
http://www.law.berkeley.edu/6190.htm
I think you're recalling the old income base. NYU's income base for not paying anything at all is lower starting out, but it is increased periodically (I believe on the 4th and 7th years of qualification), meaning that the income base is increased for your class the longer you get out.
http://www.law.nyu.edu/financialaid/lra ... /index.htm
Unfortunately, both schools only allow you to use LRAP for a maximum of 10 years. Both also unfortunately average your spouse's income with your income to figure out eligibility.
Both schools force you to start using LRAP within 6 months of your graduation date, BUT NYU's website says that you can defer the start date in case you are unemployed. Berkeley's site says that you "must" start using it within 6 months of graduation to be eligible.
Boalt wrote:Graduates seeking to participate in LRAP must begin participating in the program within three years after the end of their loan grace period, which normally is six months after graduation.
On the other hand, at NYU you can apply for a deferred start in case you don't have a job 6 months after graduation.
NYU wrote:Participants may request Qualified Program Deferrals, to a maximum of 24 months, subject to the approval of the Program Administrator. Qualified Program Deferral periods will extend a participant’s eligibility period as otherwise defined above.
I think this is especially important given the amount of deferrals people have been experiencing in the legal field and the fact that people may be unemployed at graduation and have to look for a job post-graduation. Also, in order to qualify for LRAP you must currently work for qualifying employment so if you don't have qualifying employment during your eligibility period (6 months after graduation), you might end up being completely disqualified from using Berkeley's LRAP.
In addition, Berkeley law reserves the right to reject you from participating in LRAP if they are short of funds.
Boalt wrote: 10. Limited Funds Contingency and Right to Modify
In the event that funding is not sufficient to fully fund all qualified applicants in the manner anticipated above, the law school will select LRAP recipients and determine award levels; available funds may be disbursed pro rata, or awards may be adjusted on an individual basis considering salary and total loan indebtedness.
This seems particularly worrisome in light of the UC budget problems and the fact that Berkeley Law still receives 30% of its funding from the state. (I realize the tuition increases are a way to reduce its reliance on the state government, but at this point Boalt still gets 30% of its funding from CA state government.)
