Why don't more people use LRAP??? Forum

[dixiecupdrinking]

People saying that earning $50,000 makes you poor are the same people who will be sending emails to Above The Law complaining that their $7,500 BigLaw bonus is turning them into unappreciated paupers. Entitled shit like this is why people hate law students.

[sunynp]

I know one reason is that LRAP doesn't apply to unpaid jobs. Many government jobs these days don't pay a salary. So you can't take those "jobs" and get your loans covered by LRAP even if the job itself would otherwise qualify. I'm sure there are reasons for that, they don't want people just volunteering at some friend's PI group, or working around the restrictions. But, the reality is that many "jobs" out there can't pay a salary, but the grads working in them don't get help with their loans.

[Anonymous User]

Somewhat unrelated and possibly stupid question, but this is vaguely relevant:

I've heard from some people that you cannot repay your loans faster than the schedule you choose without incurring a penalty (i.e., if you choose the ten-year repayment plan, you can only pay as much as you need to each year, not more). So, if I graduate with $60k in debt and want to pay it all off in the stub year + first year in biglaw (seems totally feasible to me), I wouldn't be able to do so. Is that true? I would rather pay my loans back as quickly as possible and avoid the interest. (6.8% is higher than I would think the average annual return on investment in a mutual fund would be, so not worth keeping them around.)