LRAP/IBR/PSLF. How does it work? Let's find out!

User avatar
Nebby
Posts: 6567
Joined: Thu Jan 25, 2018 3:24 pm

Re: LRAP/IBR/PSLF. How does it work? Let's find out!

Post by Nebby » Sun Oct 21, 2018 12:21 pm

Rink wrote:
Sun Oct 21, 2018 11:31 am
Nebby wrote:
Sun Oct 21, 2018 12:24 am
Rink wrote:
Thu Oct 18, 2018 9:15 am
What electronic submission method?
Submitting it through FedLoan's website
I haven't noticed an electronic submission method. But them receiving the employment certification hasn't been my problem, it's that they're only counting each of my payments as "qualifying" on one of 8 loans. (And all of my loans are definitely eligible).
Can you requested an audit? I think that's something they do if you believe the qualifying payment count is wrong. You should definitely be getting QPs regardless of whether it's larger than the minimum. I do the same as you and all mine have counted.

User avatar
Rink
Posts: 1038
Joined: Mon Apr 02, 2018 10:51 am

Re: LRAP/IBR/PSLF. How does it work? Let's find out!

Post by Rink » Sun Oct 21, 2018 5:32 pm

Nebby wrote:
Sun Oct 21, 2018 12:21 pm
Rink wrote:
Sun Oct 21, 2018 11:31 am
Nebby wrote:
Sun Oct 21, 2018 12:24 am
Rink wrote:
Thu Oct 18, 2018 9:15 am
What electronic submission method?
Submitting it through FedLoan's website
I haven't noticed an electronic submission method. But them receiving the employment certification hasn't been my problem, it's that they're only counting each of my payments as "qualifying" on one of 8 loans. (And all of my loans are definitely eligible).
Can you requested an audit? I think that's something they do if you believe the qualifying payment count is wrong. You should definitely be getting QPs regardless of whether it's larger than the minimum. I do the same as you and all mine have counted.
I did request a review, about 6 months ago. I called at 90 days to check in as instructed and was told that due to the volume of requests, it was taking much longer than expected.

User avatar
Nebby
Posts: 6567
Joined: Thu Jan 25, 2018 3:24 pm

Re: LRAP/IBR/PSLF. How does it work? Let's find out!

Post by Nebby » Sun Oct 21, 2018 5:37 pm

Rink wrote:
Sun Oct 21, 2018 5:32 pm
Nebby wrote:
Sun Oct 21, 2018 12:21 pm
Rink wrote:
Sun Oct 21, 2018 11:31 am
Nebby wrote:
Sun Oct 21, 2018 12:24 am
Rink wrote:
Thu Oct 18, 2018 9:15 am
What electronic submission method?
Submitting it through FedLoan's website
I haven't noticed an electronic submission method. But them receiving the employment certification hasn't been my problem, it's that they're only counting each of my payments as "qualifying" on one of 8 loans. (And all of my loans are definitely eligible).
Can you requested an audit? I think that's something they do if you believe the qualifying payment count is wrong. You should definitely be getting QPs regardless of whether it's larger than the minimum. I do the same as you and all mine have counted.
I did request a review, about 6 months ago. I called at 90 days to check in as instructed and was told that due to the volume of requests, it was taking much longer than expected.
That's lame. I'm sorry you're having to go through that. I was researching online and it appears they usually correct the problem after an audit. It also appears common that the 90 day review turns into 6 months. 😔

User avatar
UVA2B
Moderator
Posts: 3149
Joined: Thu Jan 25, 2018 3:26 pm

Re: LRAP/IBR/PSLF. How does it work? Let's find out!

Post by UVA2B » Thu Nov 15, 2018 1:39 pm

https://abovethelaw.com/2018/11/elite-l ... rest-work/

Good job CLS. Your LRAP was already really strong, but things like child deductions are really nice.

User avatar
Nebby
Posts: 6567
Joined: Thu Jan 25, 2018 3:24 pm

Re: LRAP/IBR/PSLF. How does it work? Let's find out!

Post by Nebby » Sat Nov 17, 2018 2:26 pm

I wish the salary cap would have gone up more. 50k to 55k is laughable

User avatar
benwyatt
Posts: 14
Joined: Mon Jan 29, 2018 2:28 pm

Re: LRAP/IBR/PSLF. How does it work? Let's find out!

Post by benwyatt » Sat Nov 17, 2018 4:13 pm

Nebby wrote:
Sat Nov 17, 2018 2:26 pm
I wish the salary cap would have gone up more. 50k to 55k is laughable
I mean, it's gonna save me $1700 a year. I also would have liked it to increase more but it's easily one of the most generous existing LRAP programs and it's hard to sneeze at a 10% increase.

User avatar
Nebby
Posts: 6567
Joined: Thu Jan 25, 2018 3:24 pm

Re: LRAP/IBR/PSLF. How does it work? Let's find out!

Post by Nebby » Wed Jan 02, 2019 5:37 pm


User avatar
necho2
Posts: 466
Joined: Fri Jan 26, 2018 12:57 am

Re: LRAP/IBR/PSLF. How does it work? Let's find out!

Post by necho2 » Sun Jan 13, 2019 9:50 am

It's very possible that I'm going to mischaracterize what I'm asking about- but does anybody have experience using an LRAP program that's based on IBR when your debt-to-income ratio (only like 35k in loans) doesn't appear to qualify you for IBR? My assumption is that you'd just stay on the default 10 year repayment plan, but I can't find any info articulating that (UChicago fyi but not sure anybody here has specific knowledge).

Or am I confusing something about how "qualifying" for IBR actually works? All I know is that when I plug household income numbers into an IBR calculator, I always get "you don't qualify".

User avatar
twenty
Posts: 19
Joined: Thu Jan 25, 2018 3:20 pm

Re: LRAP/IBR/PSLF. How does it work? Let's find out!

Post by twenty » Sun Jan 13, 2019 3:11 pm

For IBR, you have to have "partial financial hardship", which basically means the amount due on your loan every month has to exceed the amount you would pay under the IDR program. A lot of T14 schools will allow you to go in on their old pre-PSLF LRAP if you find yourself in a situation where you owe almost nothing but also make very little (keep in mind the cap on some of these programs is like 45k)~.

User avatar
necho2
Posts: 466
Joined: Fri Jan 26, 2018 12:57 am

Re: LRAP/IBR/PSLF. How does it work? Let's find out!

Post by necho2 » Sun Jan 13, 2019 6:16 pm

Yeah I'm definitely under the requisite cap (UChicago's like 80k), but my loan balance is small enough that I don't qualify for IBR. Does that just mean the program won't apply?

User avatar
Nebby
Posts: 6567
Joined: Thu Jan 25, 2018 3:24 pm

Re: LRAP/IBR/PSLF. How does it work? Let's find out!

Post by Nebby » Sun Jan 13, 2019 8:27 pm

I'd just ask your financial aid office. But I assume you'll just be on the 10 year standard repayment plan and your LRAP would be based on that instead of PAYE.

User avatar
Nebby
Posts: 6567
Joined: Thu Jan 25, 2018 3:24 pm

Re: LRAP/IBR/PSLF. How does it work? Let's find out!

Post by Nebby » Mon Jan 28, 2019 10:59 am

FYI - I called FedLoan and it took about 2 seconds for them to process my request to permanently remove "paid ahead" status as a possibility on my loans.

FedLoan also updated one of their FAQs to explicitly offer this opportunity to PSLF folks (see half-way down the page): https://myfedloan.org/borrowers/payment ... ying-ahead

Guest

Re: LRAP/IBR/PSLF. How does it work? Let's find out!

Post by Guest » Fri Feb 01, 2019 12:35 am

Nebby wrote:
Sat Nov 17, 2018 2:26 pm
I wish the salary cap would have gone up more. 50k to 55k is laughable
Is there a list out there of the salary caps (under which the person's payments are fully covered) that would allow comparison among schools with LRAP programs, or at least the T14?

User avatar
Nebby
Posts: 6567
Joined: Thu Jan 25, 2018 3:24 pm

Re: LRAP/IBR/PSLF. How does it work? Let's find out!

Post by Nebby » Fri Feb 01, 2019 8:06 am

Guest wrote:
Fri Feb 01, 2019 12:35 am
Nebby wrote:
Sat Nov 17, 2018 2:26 pm
I wish the salary cap would have gone up more. 50k to 55k is laughable
Is there a list out there of the salary caps (under which the person's payments are fully covered) that would allow comparison among schools with LRAP programs, or at least the T14?
I *think* the spreadsheet in my PI thread has that info (T14 only): viewtopic.php?f=23&t=157

User avatar
twenty
Posts: 19
Joined: Thu Jan 25, 2018 3:20 pm

Re: LRAP/IBR/PSLF. How does it work? Let's find out!

Post by twenty » Fri Feb 01, 2019 12:49 pm

Nebby wrote:
Fri Feb 01, 2019 8:06 am
Guest wrote:
Fri Feb 01, 2019 12:35 am
Nebby wrote:
Sat Nov 17, 2018 2:26 pm
I wish the salary cap would have gone up more. 50k to 55k is laughable
Is there a list out there of the salary caps (under which the person's payments are fully covered) that would allow comparison among schools with LRAP programs, or at least the T14?
I *think* the spreadsheet in my PI thread has that info (T14 only): viewtopic.php?f=23&t=157

The spreadsheet is very close to up to date, but definitely do your own research (e.g. NYU's went up from 80k to 100k, I think Penn's is better now too).

HmmOhkay
Posts: 10
Joined: Sat Feb 03, 2018 6:16 pm

Re: LRAP/IBR/PSLF. How does it work? Let's find out!

Post by HmmOhkay » Sat Feb 02, 2019 9:01 am

Nebby wrote:
Fri Feb 01, 2019 8:06 am
Guest wrote:
Fri Feb 01, 2019 12:35 am
Is there a list out there of the salary caps (under which the person's payments are fully covered) that would allow comparison among schools with LRAP programs, or at least the T14?
I *think* the spreadsheet in my PI thread has that info (T14 only): viewtopic.php?f=23&t=157
Yikes, Northwestern's is <45k for full coverage? that's embarrassing. Seems like full coverage under 60k should be the minimum, particularly since there doesn't seem to be any adjustment for cost of living. Think about what it would be like making 50k and living in SF/DC/NY and not qualifying for full LRAP...

User avatar
Nebby
Posts: 6567
Joined: Thu Jan 25, 2018 3:24 pm

Re: LRAP/IBR/PSLF. How does it work? Let's find out!

Post by Nebby » Sat Feb 02, 2019 10:08 am

HmmOhkay wrote:
Sat Feb 02, 2019 9:01 am
Nebby wrote:
Fri Feb 01, 2019 8:06 am
Guest wrote:
Fri Feb 01, 2019 12:35 am
Is there a list out there of the salary caps (under which the person's payments are fully covered) that would allow comparison among schools with LRAP programs, or at least the T14?
I *think* the spreadsheet in my PI thread has that info (T14 only): viewtopic.php?f=23&t=157
Yikes, Northwestern's is <45k for full coverage? that's embarrassing. Seems like full coverage under 60k should be the minimum, particularly since there doesn't seem to be any adjustment for cost of living. Think about what it would be like making 50k and living in SF/DC/NY and not qualifying for full LRAP...
Hmmm. That spreadsheet was made in 2016 so likely out of date. NU got a huge infusion of cash ($40 million) earmarked for PI in 2016 so it's likely that it's changed.

EDIT: Nevermind, it's still the same. Yeah, that's not great.

HmmOhkay
Posts: 10
Joined: Sat Feb 03, 2018 6:16 pm

Re: LRAP/IBR/PSLF. How does it work? Let's find out!

Post by HmmOhkay » Sat Feb 02, 2019 11:57 am

Nebby wrote:
Sat Feb 02, 2019 10:08 am


Hmmm. That spreadsheet was made in 2016 so likely out of date. NU got a huge infusion of cash ($40 million) earmarked for PI in 2016 so it's likely that it's changed.

EDIT: Nevermind, it's still the same. Yeah, that's not great.
It's interesting that there's so much variation among the top schools. It suggests that they aren't engaging in a heated competition in this area (appealing to prospective students who want to go into PI that may not pay well). You've got schools like NYU, Chicago, and Cornell that will cover full payments for salaries under 80k and schools about half that amount with Northwestern and Harvard at 45 and 46k. I guess there's not much pressure on them to match each other in this area. Or maybe they don't care much about PI.

User avatar
Echos Myron
Posts: 657
Joined: Fri Jan 26, 2018 2:53 pm

Re: LRAP/IBR/PSLF. How does it work? Let's find out!

Post by Echos Myron » Mon Feb 04, 2019 4:20 pm

HmmOhkay wrote:
Sat Feb 02, 2019 11:57 am
Nebby wrote:
Sat Feb 02, 2019 10:08 am


Hmmm. That spreadsheet was made in 2016 so likely out of date. NU got a huge infusion of cash ($40 million) earmarked for PI in 2016 so it's likely that it's changed.

EDIT: Nevermind, it's still the same. Yeah, that's not great.
It's interesting that there's so much variation among the top schools. It suggests that they aren't engaging in a heated competition in this area (appealing to prospective students who want to go into PI that may not pay well). You've got schools like NYU, Chicago, and Cornell that will cover full payments for salaries under 80k and schools about half that amount with Northwestern and Harvard at 45 and 46k. I guess there's not much pressure on them to match each other in this area. Or maybe they don't care much about PI.
Need to distinguish between PSLF-integrated and non-PSLF programs and their benefits/drawbacks. For example, the NU and HLS LRAPs vastly different aside from their income caps

User avatar
twenty
Posts: 19
Joined: Thu Jan 25, 2018 3:20 pm

Re: LRAP/IBR/PSLF. How does it work? Let's find out!

Post by twenty » Tue Feb 05, 2019 11:59 am

HmmOhkay wrote:
Sat Feb 02, 2019 11:57 am
It suggests that they aren't engaging in a heated competition in this area (appealing to prospective students who want to go into PI that may not pay well).
I know I cared a lot about this when I was applying to T14 schools (I didn't apply to Cornell + some others for this exact reason). Over ten years the difference can be ~60k you didn't have to spend on loan repayments by opting for Columbia over Northwestern. You obviously never know what kind of job you'll get, what your grades will be, etc. etc., so the more-certain items with regards to PI weighed pretty heavily for me.

Harvard at 45 and 46k.
So it's worth pointing out that the Harvard, Yale, Stanford + many of the older LRAP programs do not neg-am over ten years with one huge payoff at the end. The argument is that if you're only going to stay in PI for a few years, you're better off at one of these programs because your loan balance will actually decrease over this time. I don't think it deserves as much weight as people give it, but it is worth pointing out.

User avatar
Nebby
Posts: 6567
Joined: Thu Jan 25, 2018 3:24 pm

Re: LRAP/IBR/PSLF. How does it work? Let's find out!

Post by Nebby » Tue Feb 05, 2019 12:44 pm

Last edited by Nebby on Tue Feb 05, 2019 1:40 pm, edited 1 time in total.

User avatar
Kümmel
Posts: 705
Joined: Thu Jan 25, 2018 9:07 pm

Re: LRAP/IBR/PSLF. How does it work? Let's find out!

Post by Kümmel » Tue Feb 05, 2019 1:14 pm

deleted by request...
Last edited by Kümmel on Tue Feb 05, 2019 1:45 pm, edited 1 time in total.

User avatar
Nebby
Posts: 6567
Joined: Thu Jan 25, 2018 3:24 pm

Re: LRAP/IBR/PSLF. How does it work? Let's find out!

Post by Nebby » Tue Feb 05, 2019 1:23 pm

You're right!
Last edited by Nebby on Tue Feb 05, 2019 4:37 pm, edited 1 time in total.

User avatar
Kümmel
Posts: 705
Joined: Thu Jan 25, 2018 9:07 pm

Re: LRAP/IBR/PSLF. How does it work? Let's find out!

Post by Kümmel » Tue Feb 05, 2019 1:27 pm

deleted by request...
Last edited by Kümmel on Tue Feb 05, 2019 1:45 pm, edited 1 time in total.

User avatar
Nebby
Posts: 6567
Joined: Thu Jan 25, 2018 3:24 pm

Re: LRAP/IBR/PSLF. How does it work? Let's find out!

Post by Nebby » Tue Feb 05, 2019 1:38 pm

I am not seeing that in either my promissory note or on here: https://www.law.columbia.edu/sites/defa ... eb2019.pdf

Post Reply

Who is online

Users browsing this forum: Bing [Bot] and 2 guests