Understanding Columbia Combined LRAP

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pianolesspianist

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Understanding Columbia Combined LRAP

Post by pianolesspianist » Mon Apr 27, 2020 3:41 am

Hi everyone!

I've gone through Columbia's LRAP policy (https://www.law.columbia.edu/sites/defa ... eb2019.pdf), and while I (think I) understand the difference between the 'traditional' track and the IBR track, I'm not sure I understand the "combined" option. Specifically:

If I make 100k a year and I'd have 20k in annual loan payments:
With Columbia's traditional 55k-cap option, I'd have to pay $15,525 (34.5% of 45k) out-of-pocket while Columbia covers the remaining $4,475.

If I go on IBR, I'd theoretically have to pay 8k (150% of poverty threshold = 20k; discretionary income = 80k; IBR = 10% of discretionary income), but Columbia will cover this fully so I pay nothing out-of-pocket, though my loans end up with negative amortization if I back out of PSLF.

Is my understanding correct so far? What happens if I choose the combined option?

Also, is the 100k in Adjusted Gross Income and not actual salary? Or is it my actual salary?

If anyone understands this better than I do or has actual experience with LRAP payments (any LRAP, not just Columbia), please share your insight

Thanks!!

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