anyone doing one of these? could someone explain the pros and cons of it to me? I have a fair amount of debt coming into law school and wanted some info on this.
Pros: if you take a low-paying public interest job, it pays the loans!
Cons: doesn't cover undergrad loans, if you start making money or marry someone who does you may have to pay it all (or most of it) back, takes 10 years.
Columbia's is apparently a "good" LRAP. I don't know what others look like.
Columbia's LRAP does not include undergrad or consumer debt, but they deduct the amount you pay toward you undergrad loans when calculating your salary to determine how much of your law school loan payments they'll cover. At Columbia they cover 100% of your loan payments if you make 50k or under. If you make above 50k, you owe 34.5% of your salary above 50k toward your loans--CLS covers the rest.
Sooo, if you make 60k a year, you pay $3450/year toward your loans and CLS pays the rest. If you make 80k, you pay $10,350/year...
The loans aren't actually "forgiven" right away. LRAP gives you a loan to pay your loans and then eventually forgives the LRAP loan. It takes 10 years for 100% to get forgiven...
That's the basic story!