IBR discussion Forum

[vanwinkle]

Out of curiosity, has this substantially increased competition for PI jobs?

Competition for PI jobs has increased substantially, but I think that's more due to the number of BigLaw jobs shrinking and the number of law students remaining constant. Graduates have to go somewhere, and since PI groups are still hiring, they're all rushing there.

I think once the economy evens out, you'll still see people choosing BigLaw. They'll have to use more of their own money to pay off their loans, but once they're done they'll have significantly higher salaries than PI folks, just like it's always been. I don't see this changing things too drastically.

[vanwinkle]

Do you guys think this program is a safe enough bet to influence school choice? I want to work in government / PI and am currently choosing between Tulane and St. John's, where St. John's would half the total debt, but I like everything else about Tulane better. My only concern is taking on over 100k debt and if I mess up something very badly not having a safe plan to pay it off. I am aware of this program but do you think I can depend on it?

i think you can depend on the program being around when you graduate. you probably just have to make sure that the kind of loans you're taking out actually qualify for ibr.

This. They have to be federal or federally backed loans. Stafford, Perkins, and GradPLUS loans apply, and those should be enough to cover tuition+COL at any school you go to. Private loans will not qualify. You just have to be careful about that.

[PhantaManta]

Thanks =)

[Mr. Matlock]

Ok, here's a bit of a convoluted question/math thingy type question.

Let's say I'm 100% committed to public interest work and BINGO... I actually graduate and get a job as a public defender. With that being the case, at what point does the total price of the loans no longer matter?

Example:

Let's say I get into a T1 school, but would be forced to pay full sticker. With COL the total is $150,000.

Counter that with a partial to half scholarship offer at a T-3, but after COL (expensive area) a grand total of $80,000.

Considering your 10 year payment plan is based off % of income, does it make a difference in the end? ie... might as well go to the better school?

?????

[PoliticalJunkie]

IBR is for 10 years, not 25... pls read ppl

[Mr. Matlock]

IBR is for 10 years, not 25... pls read ppl

Yes, it is. Where ITT did you read otherwise? I believe that was cleared up on page 1.

[YCrevolution]

..

[Anonymous Loser]

IBR is for 10 years, not 25... pls read ppl

I know TLS places a pretty low value on accurate, reliable information, but least try and acquaint yourself with the basic principles of this program if you are going to discuss it.

[beef wellington]

Ok, here's a bit of a convoluted question/math thingy type question.

Let's say I'm 100% committed to public interest work and BINGO... I actually graduate and get a job as a public defender. With that being the case, at what point does the total price of the loans no longer matter?

Example:

Let's say I get into a T1 school, but would be forced to pay full sticker. With COL the total is $150,000.

Counter that with a partial to half scholarship offer at a T-3, but after COL (expensive area) a grand total of $80,000.

Considering your 10 year payment plan is based off % of income, does it make a difference in the end? ie... might as well go to the better school?

?????

I calculated this for someone who starts out at $41k in year 1 and is making $62k+ in year 10 (these are the median figures for lawyers who go to work for non-profits, public defenders make a bit more). Anyway, your debt upon graduation would have to be less than $50k for the scholly to matter. Finaid.org has a calculator you can play around with, but the short answer is that the scholly has to be pretty huge to make a difference if you'll be doing PI and IBR.

[vanwinkle]

IBR is for 10 years, not 25... pls read ppl

It can be for either 10 or 25 years depending on whether or not your work is considered PI work. Pls read, junkie.

[Mr. Matlock]

I calculated this for someone who starts out at $41k in year 1 and is making $62k+ in year 10 (these are the median figures for lawyers who go to work for non-profits, public defenders make a bit more). Anyway, your debt upon graduation would have to be less than $50k for the scholly to matter. Finaid.org has a calculator you can play around with, but the short answer is that the scholly has to be pretty huge to make a difference if you'll be doing PI and IBR.

Damn... so even a full ride, if COL is $20,000 a year, may not be worth it in the end. That is of course with everything in a perfect world working out perfectly. VERY interesting.

[vanwinkle]

I calculated this for someone who starts out at $41k in year 1 and is making $62k+ in year 10 (these are the median figures for lawyers who go to work for non-profits, public defenders make a bit more). Anyway, your debt upon graduation would have to be less than $50k for the scholly to matter. Finaid.org has a calculator you can play around with, but the short answer is that the scholly has to be pretty huge to make a difference if you'll be doing PI and IBR.

Damn... so even a full ride, if COL is $20,000 a year, may not be worth it in the end. That is of course with everything in a perfect world working out perfectly. VERY interesting.

This is why I went to the best school I could instead of taking $$$. It requires faith that IBR will stick around, but the government has a long history of not taking away benefits to people who are voting age, in general.

Even the GOP with all its talk about deficits and excessive government spending didn't manage to cut much of anything when they controlled both houses and the presidency in the last decade. Not only that, but investments in education are always good PR moves. Why people are so frightened that IBR will magically vanish is beyond me.

[84Sunbird2000]

I think people are afraid it will vanish for the same reason that those who took out loans in the early 90s were shocked when they made school loans non-dischargeable in bankruptcy. Additionally, as sad as it seems, I'm afraid of the tea-partiers and the logical aftermath if they triumph (massive cuts to all public aid programs).

However, I do EXPECT it will continue to exist, and it makes a bunch of T30 schools a lot more palatable. I was planning on going to a T2/T3 on a full-ride, but this really makes me think. With IBR I could go to GW, BC, Vandy, W&M, WUSTL, IL, etc... without fear, since I'd probably only get sticker-1/2 rides from those schools.

I only want PI, PD, Government, non-profit jobs, so....is this really a get-out-of-debtjail-free card? I just hope I'm not missing anything.

[Veritas]

Is your ability to qualify affected by marriage or would you be precluded from buying a house or something?

I'm nervous about some adverse effects or restrictions.

[FeuerFrei]

.

[monkeygirl]

I will pay 10% for 10 years for 1) the ability to work a job that pays $70-80K/yr and 2) the ability to build up experience so that I can move up even further once those 10 years are over (or possibly even sooner). This is a godsend for anyone who wants to do PI law, because it's far, far cheaper than what you'd have to pay otherwise.

Also, I quit a $60k/yr job to go to law school. Part of it is about doing something you love, which is priceless. IBR just makes that more affordable for me. If you can't stomach even just a 10% cut off the top of what you make when you get out, then, well, you probably don't love it enough to go all in like many need to.

You and I are in exactly the same situation.
Very nicely said; it's amazing how hard it is for many people to believe that we WANT to do PI law (my family, for instance.)

[tjgagner]

I came past this forum looking for changes that occur to IBR payments after you get married, and then felt compelled to join the conversation. Try not to take too much offense, but the posts in this law school forum reflect very little (if any true) research. Can you rack up 150K in debt and then use IBR to pay it. NO! The only loans eligible for consolidation are DIRECT loans , which include Stafford and some PERKINS. There are also some grad school loans in this payment plan but the common thread is the limitation is loan amount. Typically the most eligibility afforded to these federal loans is about $5500/year (if you qualify). All those private, PLUS (<-----!), and gradPLUS loans are not eligible. Therefore, the limitation of repayment as a percentage of your net income only applies against these smalls loans, and in most cases if you make above $40,000 you will no longer be eligible for the program. In summary, this has almost zero affect on the repayment of loans for law school students.

[09042014]

I came past this forum looking for changes that occur to IBR payments after you get married, and then felt compelled to join the conversation. Try not to take too much offense, but the posts in this law school forum reflect very little (if any true) research. Can you rack up 150K in debt and then use IBR to pay it. NO! The only loans eligible for consolidation are DIRECT loans , which include Stafford and some PERKINS. There are also some grad school loans in this payment plan but the common thread is the limitation is loan amount. Typically the most eligibility afforded to these federal loans is about $5500/year (if you qualify). All those private, PLUS (<-----!), and gradPLUS loans are not eligible. Therefore, the limitation of repayment as a percentage of your net income only applies against these smalls loans, and in most cases if you make above $40,000 you will no longer be eligible for the program. In summary, this has almost zero affect on the repayment of loans for law school students.

Gradplus counts bro. And Stafford loans limit is 20,000 for grad school.

[sidhesadie]

Exactly, GradPlus DOES count.

Private don't, unless you consolidate them into the direct loan program, then they can.
ibrinfo.org

[Anonymous Loser]

the posts in this law school forum reflect very little (if any true) research.

Your post is an excellent example. You have no idea what you are talking about.

[vanwinkle]

I came past this forum looking for changes that occur to IBR payments after you get married, and then felt compelled to join the conversation. Try not to take too much offense, but the posts in this law school forum reflect very little (if any true) research. Can you rack up 150K in debt and then use IBR to pay it. NO! The only loans eligible for consolidation are DIRECT loans , which include Stafford and some PERKINS. There are also some grad school loans in this payment plan but the common thread is the limitation is loan amount. Typically the most eligibility afforded to these federal loans is about $5500/year (if you qualify). All those private, PLUS (<-----!), and gradPLUS loans are not eligible. Therefore, the limitation of repayment as a percentage of your net income only applies against these smalls loans, and in most cases if you make above $40,000 you will no longer be eligible for the program. In summary, this has almost zero affect on the repayment of loans for law school students.

No.

[jaydizzle]

Okay guys. I am up to the wazoo with loans from undergrad. I have a good amount of Sallie Mae loans that are private. Is there anyway to take out another loan from the PLUS program or whatever to pay them off? Based on my situation and loans from undergrad, I feel as if I am better off just going to the best school I can get into and take loans out on top of I have for undergrad. I can then opt for the 10 year forgiveness plan. The only thing that concerns me is my Sallie Mae balance. I had the though that if I get off the waiting list from my state school, I could go there and live with my parents. I could then take the COL loans and pay Sallie Mae. What do you guys think?