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[The CCRAA will] reduce direct spending by $752 million over the 2007-2012 period and by $3.6 billion over the 2007-2017 period.

7/11/2007 Passed/agreed to in House: On passage Passed by recorded vote: 273 - 149 (Roll no. 613).
7/20/2007 Passed/agreed to in Senate: Passed Senate with an amendment by Yea-Nay Vote. 78 - 18. Record Vote Number: 272.

FREEDOM99 wrote:This program doesn't make much sense to me. If the government wants to help struggling students why can't they lower the interest rates on the loans or forgive the interest? Grad plus has 8.5% interest.

YCrevolution wrote:

vanwinkle wrote:

FREEDOM99 wrote:This program doesn't make much sense to me. If the government wants to help struggling students why can't they lower the interest rates on the loans or forgive the interest? Grad plus has 8.5% interest.

This program provides a bigger benefit to those who do PI work (remaining debt after 10 years is forgiven, vs. 25 years for everyone else). This way it provides incentives depending on the type of work someone does after graduation, giving the greatest benefit to those who are doing the greatest good with their education and incurring the biggest detriment as a result.

Communist.

bluejayk wrote:I don't quite understand how this is so great for PI people. Don't get me wrong, it's better than nothing, but I see people here saying, "Well, I'm gonna end up $150k in debt, but whatever, I'll just do IBR." Well, you're still looking at an entire decade of having to pay 10-12% of your family's income. If you're married, you have to be really, seriously poor not to end up paying at least 9.5% of your GROSS income every year. That's still a stifling financial burden for a couple making $80k a year.

YCrevolution wrote: Versus the old alternative of: if you do PI, no loan forgiveness (and an arguably worse income-sensitive repayment plan)?

bluejayk wrote:Versus an alternative of not taking on $150k in debt for a job that you think might only pay $50-60k a year. I'm glad about the new IBR program, I said I thought it was better than nothing, and for the people who have always been hardcore focused on going into PI work, it's great. But it doesn't change the basic calculus, and I think people mention IBR a lot without looking at the numbers.

$150,000 in debt, single, no dependents

$50k/year salary = about $3000/month take home, depending on your state taxes.

IBR payment calculator says you have to pay $420 a month. You pretty much have to go PI at that point, cause being stuck with that for 25 years = killself.

vanwinkle wrote:
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.

bluejayk wrote:I'll amend my previous statement, you're right. It's very good for people who were honestly targeting PI work the whole time. That's a much smaller % of law graduates than will actually end up on IBR though.

FREEDOM99 wrote:This program doesn't make much sense to me. If the government wants to help struggling students why can't they lower the interest rates on the loans or forgive the interest? Grad plus has 8.5% interest.

Anonymous Loser wrote:
The rates for undergraduate subsidized Stafford loans are in the midst of a scheduled four-year rate reduction. Also, as of late there has been a push to eliminate the FFLEP lending program in favor of Direct lending: under the Direct lending program, GradPLUS rates are 7.9%, which certainly isn't great, but it is an improvement over 8.5%. So, there are some efforts underway to reduce the expense of federal educational lending.

bluejayk wrote:

Anonymous [color=#FF0000]Loser[/color] wrote:
The rates for undergraduate subsidized Stafford loans are in the midst of a scheduled four-year rate reduction. Also, as of late there has been a push to eliminate the FFLEP lending program in favor of Direct lending: under the Direct lending program, GradPLUS rates are 7.9%, which certainly isn't great, but it is an improvement over 8.5%. So, there are some efforts underway to reduce the expense of federal educational lending.

Really, anonymously?

ps494 wrote:So let me get this straight. A law school graduate could rack up 150k in debt, take a local government job (i.e., public defense or DA's office), make the $420.00 monthly payments, and then be completely forgiven of their debt after 10 years?

Anonymous Loser wrote:I am always baffled by threads suggesting that this program is unlikely to last.

What, exactly, is the political vulnerability of a program that both saves money and provides desirable services to constituents, which is funded largely by fees imposed on large lending institutions, and received wide bi-partisan support in both bodies of Congress when under consideration?

Mr. Matlock wrote:My whole focus in going into law has been a career in ADA or PD. For that, this program is a "choose your spiritual entity" send. However, my biggest fear is devoting my 3 years and immersing myself in every clinic, internship, and applicable organization, only to be under-cut by some kid from Columbia/Chicago...etc., who couldn't get a job anywhere else.