16 October 2008

LRAP coming through - model participation numbers

When we were working to improve Boalt's LRAP, I often used myself as an example though I was not certain that I would qualify because I entered law school thinking I would work for plaintiffs (which would not be covered by LRAP). As it turned out, I am a pretty good example of a public sector employee who is covered generously by LRAP:

LRAP will repay up to $100,000 of my law school loans (which actually amounted to about $95,000) if I make less than $58,000 ... otherwise every dollar over that has to have $0.33 go toward my loans. My salary is just over $66,000.

So each month I have to pay about $1,200 so that my loans will be repaid within 10 years of graduation. Because I make $8,000 over the annual limit, 33% of that ($2,667) over a year will go toward my loans and LRAP will cover the remainder -- thus, LRAP will lend me, then forgive a loan for about $13,000 over the next 12 months (or about $1,100/month).

After 10 years I would not qualify for any payment, but while I'm starting off this is welcome relief - now I can buy Megan all the things she wants - actually, she's got most the things she wants except for us to spend more time playing with Tikka ... I miss Tikka when I'm at work ... maybe I can tell everyone I'm training a seeing-eye dog and I need to socialize it by bringing it to work ... maybe I need to just work harder so I can get home sooner ...

Moment of Zen via Andrew Sullivan:

1 comment:

Caliboy said...

Your moment of zen is just as good in video.