Law School Discussion

Nine Years of Discussion
;

Author Topic: College Cost Reduction & Access Act of 2007 (Loan repayment just got easier)  (Read 3538 times)

HippieLawChick

  • Sr. Citizen
  • ****
  • Posts: 2487
  • Current 2L
    • View Profile
The poster who indicated that this law will probably benefit more grads from non-top 14 schools was right on target - most other schools don't have adequate LRAPs right now. 

As for the person who said, I will believe it when I see it: you are seeing it.  This is LAW now.  Do you mean that you are waiting to be a follower and see how someone else handles their debt under this law?  ;-)

For those who are interested: Philip Schrag wrote a Hofstra Law Review article on this topic, to be published very soon.  You can access it on SSRN or via the Equal Justice Works website. 

The purpose of this law wasn't to lure people away from BIGLAW; the purpose was to help those who wanted to work in public interest but were either suffering low standards of living to do so, or who were choosing more lucrative positions for strictly financial reasons.   No one is going to get rich providing legal services to low income people, but with help from this law, they can stop living like students while working as attorneys. 


Reaching

  • Sr. Citizen
  • ****
  • Posts: 400
    • View Profile
The poster who indicated that this law will probably benefit more grads from non-top 14 schools was right on target - most other schools don't have adequate LRAPs right now. 

As for the person who said, I will believe it when I see it: you are seeing it.  This is LAW now.  Do you mean that you are waiting to be a follower and see how someone else handles their debt under this law?  ;-)

For those who are interested: Philip Schrag wrote a Hofstra Law Review article on this topic, to be published very soon.  You can access it on SSRN or via the Equal Justice Works website. 

The purpose of this law wasn't to lure people away from BIGLAW; the purpose was to help those who wanted to work in public interest but were either suffering low standards of living to do so, or who were choosing more lucrative positions for strictly financial reasons.   No one is going to get rich providing legal services to low income people, but with help from this law, they can stop living like students while working as attorneys. 



What kind of public interest law are you thinking about pursuing?

TRad

  • Full Member
  • ***
  • Posts: 76
  • Hope springs eternal
    • View Profile
    • Email
Oops!  I started another thread on the same topic.  duh.  sorry.

Anyway, just to chime in on this convo.....

For some of us, this law makes law school possible.  I am a single mom with a 10 year old son and when I graduate (from W & M hopefully) he will be 13 and just entering high school.  I absolutely will not work firm hours while I still have him at home. 

A public service law job offers a better career/ family balance which is imperative for me.  Because I'll be making less money (probably not a lot more than I make now as a teacher) I cannot rack up endless debt and thus take on the financial pressure that would push me into a firm job whether I want it or not.

For months I've faced the possibility that I might get into law school and not be able to go because I refuse to put myself and my son into such a Hobson's choice situation.

This law changes the entire calculus for me and almost guarantees that LS will happen.  I cannot tell you how thrilled I am!   Thank you Ted Kennedy!!!!!

hbb

  • Sr. Citizen
  • ****
  • Posts: 228
    • View Profile
Quote
Wow - no interest in the biggest government program to help college grads since the GI Bill?

No, not really. The way the program is currently structured, the amount of debt discharged is considered taxable income, increasing the tax liability of those involved with the program. Additionally, in order to avoid having the income of a spouse taken into consideration under the income-based repayment program, married couples must file income tax returns as married filling separately, most likely increasing the tax burden for the couple. Finally, loans made under the FLEEP program, rather than the Direct program, may not be considered under this program: not all schools participate in the Direct lending program, so a loan consolidation is likely necessary for many students. 

As it stands now, this is a welcome change, but a deeply flawed solution, best thought of as a work in progress.


edited to correct a typo - if I don't press really hard on my "A" key it won't work.

Rhymnoceros

  • Sr. Citizen
  • ****
  • Posts: 150
  • "I'm the mother flippin'"
    • View Profile
    • LSN
Oops!  I started another thread on the same topic.  duh.  sorry.

Ahem, I just got posted on that new thread. Woops. I am also super excited about this law.

But what do people think this will mean for private univerity LRAPs? Some schools spend massive amounts of money on LRAPs and give out few scholarships as a result. I imagine most, if not all, of thos programs will be eliminated. There are few LRAPs better than this plan, and the amount of money it takes to sustain a superior LRAP, like possbily NYUs, doesn't seem worth it for the marginal difference. I guess this means extra money for scholarhips at some schools.

zardoz

  • Sr. Citizen
  • ****
  • Posts: 106
    • View Profile
I think that the public service loan forgiveness program that discharges remaining debt after ten years instead of twenty five is really a great benefit for a lot of people interested in public service.
Michigan 2012

terranullius

  • Full Member
  • ***
  • Posts: 68
  • "A witty saying proves nothing." --Voltaire
    • View Profile
    • terra nullius
The key to the problem mentioned by hbb is to be educated and make it a point to know what you're getting yourself into. Know what kind of loans you are getting. Ask questions. And find the best way possible to make it work.

Personally, I am thankful for this law because it makes my dream of public service possible. I want to go into Child and Family Advocacy, and I wouldn't have necessarily been able to help those that I want to help without such legislation.
Drake Law School
Class of 2011