Without PSLF, is sticker feasible anywhere with legal aid PI ambition? Forum

[sublimation]

The main consideration is that I'm not factoring in PSLF. I don't think it's unreasonable to think that this program may be cut or drastically reduced. I also think that many PI people should be taking a worst-case scenario in serious consideration when it comes to finances.

(Career would be either legal aid or other non-government public interest, at least during my repayment period)

The PAYE calculator, even with the curious assumption that public interest salaries rise at a similar rate of other salaries (they don't) and that I'd be able to maintain full employment (not possible), forecasts total payments of 80k and ~380k remaining after 20 years with an initial debt of 250k. Most LRAPs only match the payments made for 10 years, for a total award of around 30k.

Is it really possible to make up for that 350k shortfall over 20 years on a legal aid/public interest salary?

[Nolachicken]

Checking in to see the answers. I am also planning on a PI job (currently work in the government sector and want to remain.) The school I really wanted offered no need based aid or scholarship.

[Tls2016]

I think Harvard has a strong loan repayment program and so do other top schools. I don't remember all of them. Columbia has a program that allows you to choose between their program or PSLF. Schools had these plans in place before government programs or PAYE existed. Some schools later dropped or amended their plans because of the government plans.

http://hls.harvard.edu/dept/sfs/lipp/

http://web.law.columbia.edu/financial-a ... st-lawyers

[toomanymornings]

Based on the simple math of the kind OP's done here, I don't think sticker is feasible without PSLF. I mean maybe you get on a prestigious government track or something, one where you could service the debt on your own (and with the help of an LRAP), but that seems unlikely or rare for most grads.

I agree with OP that it's smart not to bank on PSLF. What I DO hope is that in the event that it is cut or drastically reduced, people who are already making qualifying payments (and, ideally, people who are already law students) might somehow be grandfathered in, and allowed to finish.

I mean without it, and outside of a full ride, I really don't see how a career in PI is feasible for those of us who aren't personally wealthy.

[toomanymornings]

By the way I don't necessarily think it will be cut. It's just that we really have no idea what'll happen with it, so it's not smart to assume it won't be cut/altered.

I read somewhere that 25% of people who have PSLF-eligible jobs and eligible student debt are not aware of or otherwise not enrolling in the program. That's nuts.

[dresden doll]

It's feasible at Harvard, Stanford and Yale. Anywhere else you'd really need to mind the amount of debt you're taking on.

[twenty]

I disagree about HYS being feasible unless you're truly committed to working in a job that pays <70k/year for the next ten years (think direct legal services, which I guess OP is, tbf), keeping in mind that cost of living will increase with inflation, but your actual take-home would not. Maybe HYS' LRAPs would have been more realistic when tuition was lower 5-6 years ago, or if your intention was to work in a high-prestige PI environment for a few years and then switch to biglaw or something.

In this day and age, no PSLF is a death-blow for PI and sticker debt.