LRAPs crudely ranked Forum

[beef wellington]

http://web.law.umich.edu/_DebtManagemen ... dForms.asp

You'll also see the fine print on assets -- most schools count assets against you to some degree. Michigan doesn't seem to be worse than anyone else on this.

Thank you jh I also updated my earlier post comparing IBR to standard plans for Michigan grads.

[El_Gallo]

excellent work BW, you get props

[Sentry]

Could you edit the OP to include UChicago's new LRAP?

[dr123]

Why is everyone so damn focused on Schools, LRAP. Most PI jobs (not sure about gov, but non profs) have LRAP through umbrella/sister orgs.

[beef wellington]

Most

Could you edit the OP to include UChicago's new LRAP?

Done. Also updated Emory and fixed a minor mistake in my USC calculation (I'd fixed my spreadsheet a while ago and never got around to uploading it, thought the post was pretty well buried). Glad to see people are still using it.

[michigan_man]

This chart is misleading and doesn't begin to give an accurate view of each LRAP. First, Michigan's has been updated and this page hasn't (Michigan's LRAP now ties into IBR, but the program doesn't mandate that you go into public service, and the school helps students protect themselves against negative amortization). NYU, Chicago and Northwestern also protect against negative amortization. For Yale, you could be a bartender making under $60k and still get full coverage for law school loans and some undergrad loans. Harvard and Stanford do you use IBR, which can be a great thing since 120 payment loan forgiveness is all/nothing. Duke's program (if you read the fine print) has limited total funding and payments are reduced accordingly if too many people use the LRAP. Etc.

I think you are actually providing a disservice to have this chart on here unless you provide a lot more information about each program.

[djeter2]

Fantastic chart OP, thanks so much.

Also, I wanted to let you know that you made a mistake for UChicago's LRAP, which is why their grads inexplicably have a negative average IBR payment per month. Under column 6, you have UChicago's LRAP giving $15,893 to a grad with an IBR owed of $5,893. You obviously just accidentally added a 1. Understandable given all the numbers you were putting in. Thanks again for your hard and helpful work!!!

[OperaSoprano]

OP's chart, while a fantastic start, now needs updating because so many schools have revised their LRAPs. Here is the link to Fordham's latest information:

http://law.fordham.edu/financial-aid/8024.htm

There is now up to $8,700 per year available for people with incomes up to $46-50,000 (depending on graduating year.) After that, it's pro-rated, to a cap of $60-63,000. The LRAP is available for five years. That's a total of $43,500 available to someone who uses the LRAP all five years and has a salary at or under $50k in year five. (Presumably the person would then make five years of IBR payments and get the whole thing forgiven in year ten).