UCLA LRAP? Forum

[apples]

Does anyone understand UCLA's LRAP and if so can you explain it to me? There appears to be minimal information on the website about it.

[KG_CalGuy]

UCLA's LRAP no longer exists. For the class of 2011 onward it is the federal IBR program. Hopefully you've read this already http://cdn.law.ucla.edu/SiteCollectionD ... 0CHART.pdf

[apples]

UCLA's LRAP no longer exists. For the class of 2011 onward it is the federal IBR program. Hopefully you've read this already http://cdn.law.ucla.edu/SiteCollectionD ... 0CHART.pdf

yeah I saw that, but I thought that they still have an LRAP.

"Under the UCLA LRAP, graduates can apply to have a portion - and in some cases - all of the debt service on loans they incurred while at UCLA School of Law subject to a forgivable loan from the School."

I would think that we have to pick the IBR payment option so it's cheaper for the school to cover the loans with forgivable loans.

[roundabout]

I think they are just having students go with IBR:
http://www.law.ucla.edu/home/index.asp?page=3302
Someone posted on the Michigan board something about how with IBR, your loans aren't really forgiven year on year, and you have to stay in the program for 10 years for all loans to be forgiven. Other schools' LRAPs (Mich included) actually forgive loans year on year- so for example, if you stayed in the program for five years, you would not have to pay back the loan payments you would have made in those five years. With IBR, if you left the program, you would have to pay it all back anyway.

If anyone has any insight into this, much appreciated.

[KG_CalGuy]

That was also my impression with UCLA. I think given the budget cuts and what-not, they don't have the money to to support an LRAP program anymore (plus, it wasn't that much better than IBR to begin with).

I kind of think of it as a minus now, since I'm not sure if I could commit to PI for 10 years

[sphinctersayswut]

UCLA still has an LRAP program. The IBR option referred to is not the federal program, it works in conjunction with the federal program. As of 2011, the "IBR option" is the only option, partly because it simply works best for most people.

Under the federal program you have to make certain payments based on your income and your debt. The UCLA LRAP then either covers all, some, or none of this payment based on your income (you pay $0 for 55k income or less and pay 35% of anything you make above that up to a certain cut off limit).

So for instance, under the federal program your payment might be $800. If you make less than $55k UCLA covers that entire payment. If you make $70k UCLA would cover a little less than $400 (70,000-55,000=15,000 over*.35=5,250/12monthly payments=$437 applicant responsibility). My math might be wrong but you get the idea.

[Edit: the contribution point now seems to be $60k]