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Financial Aid / LRAP Roundup
« on: May 06, 2009, 02:28:36 AM »
I thought it would be helpful for us applicants to have all debt forgiveness programs in one place, for comparison's sake. The following list isn't complete and may not be accurate, so please post corrections/additions. I'll add your information to the main list here.
Notably, almost every school sets a limit (cap) to the amount of forgivable loans they are willing to award. You will see that I have neglected to post most of these caps. Feel free to share your knowledge on this point.
All schools require graduates to work for an eligible employer, but I believe that most of these standards are pretty similar. One point of contention may be clerkships. If you know whether a school will award a forgivable loan to a graduate working as a clerk, please post.
Most schools require the graduate to contribute a percentage of adjusted income exceeding a certain amount. Assume this is the case unless otherwise noted.
Yale
Adjusted Income Graduate's contribution
$0-60,000 0%
$60,001-inf. 25% of adjusted income over $60,000
Harvard
0-42,000 0%
42,001-48,000 20%
48,000-inf. $1200+40%
Stanford
0-50,000 0%
50,001-65,000 15%
65,001-80,000 $2250+50%
8,001-inf. 9,750+70%
Columbia
0-50,000 0%
50,001-inf. 34.5%
NYU
Base income figure may change from year to year. The most recent is 47,621.
0-47,621 0%
47,621-67,621 40%
67,622-77,621 50%
Berkeley
0-58,000 0%
58,001-inf. 35%
Chicago
0-60,000 $10,000/year forgivable loan
60,001-72,000 "Award decreases proportionally"
*Loans are available for a maximum 7 of the first 8 years following graduation.
Penn
0-35,000 0%
35,001-40,000 20%
40,001-45,000 $1000+40%
45,001-inf. $3000+60%
Duke
0-60,000 ?
*80,000 loan cap
Northwestern
0-30,000 0%
30,001-40,000 6% of TOTAL income
40,001-50,000 7% of TOTAL income
50,001-60,000 8% of TOTAL income
UVA
0-35,000 0%
35,000-inf 50%
Cornell
Graduate contribute 50% of adjusted income exceeding the SMA. SMA varies depending on where you work. Default SMA is $30,000.
Georgetown
Graduate contribute 50% of adjusted income exceeding the SMA. SMA varies depending on where you work. There are three SMA levels: 40,000; 43,000; 46,000.
UCLA
0-42,000 0%
42,001-63,000 35%
*105,000 loan cap
Vanderbilt
"Based on salary" 50%-80%
*Paging Observationalist
USC
0-40,000 0%
40,001-60,000 33%
60,001-inf. 70%
*Minimum loan amount $1000
WUSTL
Washington requires a different contribution for every additional $1000 in salary. Some samples:
0-25,000 0%
35,001-36,000 35%
40,001-41,000 52%
46,001-47,000 71%
...and the formatting is all screwy, but my eyes are burning so that will have to wait. Feel free to delve deeper into the rankings!
Notably, almost every school sets a limit (cap) to the amount of forgivable loans they are willing to award. You will see that I have neglected to post most of these caps. Feel free to share your knowledge on this point.
All schools require graduates to work for an eligible employer, but I believe that most of these standards are pretty similar. One point of contention may be clerkships. If you know whether a school will award a forgivable loan to a graduate working as a clerk, please post.
Most schools require the graduate to contribute a percentage of adjusted income exceeding a certain amount. Assume this is the case unless otherwise noted.
Yale
Adjusted Income Graduate's contribution
$0-60,000 0%
$60,001-inf. 25% of adjusted income over $60,000
Harvard
0-42,000 0%
42,001-48,000 20%
48,000-inf. $1200+40%
Stanford
0-50,000 0%
50,001-65,000 15%
65,001-80,000 $2250+50%
8,001-inf. 9,750+70%
Columbia
0-50,000 0%
50,001-inf. 34.5%
NYU
Base income figure may change from year to year. The most recent is 47,621.
0-47,621 0%
47,621-67,621 40%
67,622-77,621 50%
Berkeley
0-58,000 0%
58,001-inf. 35%
Chicago
0-60,000 $10,000/year forgivable loan
60,001-72,000 "Award decreases proportionally"
*Loans are available for a maximum 7 of the first 8 years following graduation.
Penn
0-35,000 0%
35,001-40,000 20%
40,001-45,000 $1000+40%
45,001-inf. $3000+60%
Duke
0-60,000 ?
*80,000 loan cap
Northwestern
0-30,000 0%
30,001-40,000 6% of TOTAL income
40,001-50,000 7% of TOTAL income
50,001-60,000 8% of TOTAL income
UVA
0-35,000 0%
35,000-inf 50%
Cornell
Graduate contribute 50% of adjusted income exceeding the SMA. SMA varies depending on where you work. Default SMA is $30,000.
Georgetown
Graduate contribute 50% of adjusted income exceeding the SMA. SMA varies depending on where you work. There are three SMA levels: 40,000; 43,000; 46,000.
UCLA
0-42,000 0%
42,001-63,000 35%
*105,000 loan cap
Vanderbilt
"Based on salary" 50%-80%
*Paging Observationalist
USC
0-40,000 0%
40,001-60,000 33%
60,001-inf. 70%
*Minimum loan amount $1000
WUSTL
Washington requires a different contribution for every additional $1000 in salary. Some samples:
0-25,000 0%
35,001-36,000 35%
40,001-41,000 52%
46,001-47,000 71%
...and the formatting is all screwy, but my eyes are burning so that will have to wait. Feel free to delve deeper into the rankings!
