Re: T-14 LRAP Overview
Posted: Sat Apr 09, 2016 12:08 pm
Also just want to add fliptrip that this is really amazing and a great resource for people on this board.
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nice. I'm hoping that I won't need to use it, but the inclusion of non-law debt and dependent modifications would make Berkeley's plan pretty great for mefliptrip wrote:The answer is yes, but Berkeley will not consider any borrowing that's beyond their 3 year COA in LRAP support. So, if you can roll everything together and end up under B's 3 year COA total, then you're good. Otherwise, you'll have to make up the gap.180kickflip wrote:Berkeley's entry says that the program covers all loans eligible for IBR, but does that include undergrad/ other grad school debt? I'm expecting to finish school with more undergrad/grad debt than law debt, so that'd be a big difference for me =/
Right on, man! If I remember correctly, you aren't going to be borrowing anything more than living expenses, right?180kickflip wrote:nice. I'm hoping that I won't need to use it, but the inclusion of non-law debt and dependent modifications would make Berkeley's plan pretty great for mefliptrip wrote:The answer is yes, but Berkeley will not consider any borrowing that's beyond their 3 year COA in LRAP support. So, if you can roll everything together and end up under B's 3 year COA total, then you're good. Otherwise, you'll have to make up the gap.180kickflip wrote:Berkeley's entry says that the program covers all loans eligible for IBR, but does that include undergrad/ other grad school debt? I'm expecting to finish school with more undergrad/grad debt than law debt, so that'd be a big difference for me =/
+1. My previous comment was made in the middle of the night, and I wasn't awake enough to realize I shouldn't have suggested a correction without first giving a commendation for the great work in creating this eminently useful spreadsheet.DCfilterDC wrote:Also just want to add fliptrip that this is really amazing and a great resource for people on this board.
Yeah. I could probably make B work without taking on any new debt, but at this point, my plan is to take out the max Stafford loans just in case we have a family emergency or something. At least, that's what I'll do for year 1. If I find that our budget is adequate, my fiancee finds a job quick, or I land a 1L SA, maybe I won't take out any loans for 2L or 3L. Only thing about B that doesn't look perfect for me is the 3 year window. Really wish it was 5+ for flexibility.fliptrip wrote:Right on, man! If I remember correctly, you aren't going to be borrowing anything more than living expenses, right?180kickflip wrote:nice. I'm hoping that I won't need to use it, but the inclusion of non-law debt and dependent modifications would make Berkeley's plan pretty great for mefliptrip wrote:The answer is yes, but Berkeley will not consider any borrowing that's beyond their 3 year COA in LRAP support. So, if you can roll everything together and end up under B's 3 year COA total, then you're good. Otherwise, you'll have to make up the gap.180kickflip wrote:Berkeley's entry says that the program covers all loans eligible for IBR, but does that include undergrad/ other grad school debt? I'm expecting to finish school with more undergrad/grad debt than law debt, so that'd be a big difference for me =/
I think the word immediately is ambiguous and unfortunately NW doesn't provide more detailed policies like many other schools in which this sort of term would be defined better. I think for now, leaving that in the realm of things to discuss with your school directly seems to be the cleanest way to handle it.Tls2016 wrote:For reference:
Eligibility for LRAP
Any graduate who starts work immediately after graduation or after a clerkship as an attorney or manager in any government or non-profit agency is eligible for LRAP.
From here:
http://www.law.northwestern.edu/admissi ... naid/lrap/
Ok. I don't think it is ambiguous. They say immediately unless you a clerkship. I remember this being an issue a while ago but I don't recall where I saw it being discussed.fliptrip wrote:I think the word immediately is ambiguous and unfortunately NW doesn't provide more detailed policies like many other schools in which this sort of term would be defined better. I think for now, leaving that in the realm of things to discuss with your school directly seems to be the cleanest way to handle it.Tls2016 wrote:For reference:
Eligibility for LRAP
Any graduate who starts work immediately after graduation or after a clerkship as an attorney or manager in any government or non-profit agency is eligible for LRAP.
From here:
http://www.law.northwestern.edu/admissi ... naid/lrap/
No need. You've made it clear. So, if you do something other than clerk or work as a manager for a govt/non-profit for two years and then end up in something LRAP eligible, you're out it would seem, right? The phrase manager for a gov't/non-profit seems to not require that work be law-related, so you could be a non-law related administrator in a school district and go into LRAP after that?Tls2016 wrote:Ok. I don't think it is ambiguous. They say immediately unless you a clerkship. I remember this being an issue a while ago but I don't recall where I saw it being discussed.fliptrip wrote:I think the word immediately is ambiguous and unfortunately NW doesn't provide more detailed policies like many other schools in which this sort of term would be defined better. I think for now, leaving that in the realm of things to discuss with your school directly seems to be the cleanest way to handle it.Tls2016 wrote:For reference:
Eligibility for LRAP
Any graduate who starts work immediately after graduation or after a clerkship as an attorney or manager in any government or non-profit agency is eligible for LRAP.
From here:
http://www.law.northwestern.edu/admissi ... naid/lrap/
Maybe some NU grads could weigh in?
Yes to the first I think. I remember the first question being an issue back when no one was getting jobs.fliptrip wrote:No need. You've made it clear. So, if you do something other than clerk or work as a manager for a govt/non-profit for two years and then end up in something LRAP eligible, you're out it would seem, right? The phrase manager for a gov't/non-profit seems to not require that work be law-related, so you could be a non-law related administrator in a school district and go into LRAP after that?Tls2016 wrote:Ok. I don't think it is ambiguous. They say immediately unless you a clerkship. I remember this being an issue a while ago but I don't recall where I saw it being discussed.fliptrip wrote:I think the word immediately is ambiguous and unfortunately NW doesn't provide more detailed policies like many other schools in which this sort of term would be defined better. I think for now, leaving that in the realm of things to discuss with your school directly seems to be the cleanest way to handle it.Tls2016 wrote:For reference:
Eligibility for LRAP
Any graduate who starts work immediately after graduation or after a clerkship as an attorney or manager in any government or non-profit agency is eligible for LRAP.
From here:
http://www.law.northwestern.edu/admissi ... naid/lrap/
Maybe some NU grads could weigh in?
Those are all assets. There isn't any exclusion outside of retirement savings.cavalier1138 wrote:Question about asset allowances (because I am largely financially illiterate):
Looking NYU's limits, it says that I cannot accrue more than $20,000 in assets during the program. So how do the following hypotheticals work out?
A. I win a small sweepstakes of $50,000. I put the money in a savings account.
B. I win the same small sweepstakes and within the same tax year invest the money in a mutual fund.
C. Same money. This time I use it as the down payment for a condo within the same tax year.
Do all three of those result in me being taken out of the program? Or is there a difference based on how the money ends up being reported on my taxes?
Thanks. Just wanted to make sure I understood how that'll factor in.Tls2016 wrote:Those are all assets. There isn't any exclusion outside of retirement savings.cavalier1138 wrote:Question about asset allowances (because I am largely financially illiterate):
Looking NYU's limits, it says that I cannot accrue more than $20,000 in assets during the program. So how do the following hypotheticals work out?
A. I win a small sweepstakes of $50,000. I put the money in a savings account.
B. I win the same small sweepstakes and within the same tax year invest the money in a mutual fund.
C. Same money. This time I use it as the down payment for a condo within the same tax year.
Do all three of those result in me being taken out of the program? Or is there a difference based on how the money ends up being reported on my taxes?
What I don't think is clear is what happens if you use a windfall to pay down your loans? It's a one time income increase. It is worth asking NYU and clarifying what happens if you inherit a little money or some other windfall happens. It would be worth asking about buying a house as well, what if you got a zero down payment place? That way you haven't accumulated savings for a down payment.cavalier1138 wrote:Thanks. Just wanted to make sure I understood how that'll factor in.Tls2016 wrote:Those are all assets. There isn't any exclusion outside of retirement savings.cavalier1138 wrote:Question about asset allowances (because I am largely financially illiterate):
Looking NYU's limits, it says that I cannot accrue more than $20,000 in assets during the program. So how do the following hypotheticals work out?
A. I win a small sweepstakes of $50,000. I put the money in a savings account.
B. I win the same small sweepstakes and within the same tax year invest the money in a mutual fund.
C. Same money. This time I use it as the down payment for a condo within the same tax year.
Do all three of those result in me being taken out of the program? Or is there a difference based on how the money ends up being reported on my taxes?
Thanks. I was going off the question which was about accruing assets not net worth.somethingelse55 wrote:One important thing to keep in mind (just in case you guys aren't) re that 20k number from NYU is more of a net worth amount. Let's say you owe 100k, and like you said win the sweepstakes of 50k. You'd still be fine, since you're still at -50k overall.
Citation: "Participants must have total net worth (assets minus liabilities) of less than $20,000."
That's my understanding, anyway. Maybe there's another section which mentions you just can't accumulate any assets over 20k, but I could not find it on their LRAP program details page.
However, if you search "monopoly money LRAP TLS" on Google, you'll find a thread wherein a user talks about NYU forcing you to use your assets before you can even be on LRAP - a sort of "expected student contribution" thing. I could not find that section either on NYU's program page, but perhaps it is buried in the fine print somewhere.