Harvard Students and Grads Taking Questions

Discuss comparisons of various school choices and the various metrics that inform them, including rankings, student life, location, etc.
ss108
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Re: Harvard Students and Grads Taking Questions

Post by ss108 » Sat Apr 14, 2018 12:24 am

icechicken wrote:
Sat Feb 10, 2018 1:29 am
tomwatts wrote:
Sat Feb 10, 2018 1:12 am
Echos Myron wrote:
Wed Feb 07, 2018 3:38 pm
How have the relatively high monthly payments impacted your ability to get by on a PI/gov salary?
So, I'm not on LIPP, but I thought I was going to be, and this question doesn't make sense. The entire point of LIPP is that you're not paying the relatively high monthly payments. You're paying a much lower amount that scales with your income so that you can get by on a lower salary.
I think Echos was referring to LIPP resulting in somewhat higher costs compared to peer schools' programs. It does compare poorly to Y/S/Columbia IMO.

And the PSLF-geared programs at CCN+Penn+Cornell charge you literally nothing if you keep your income under 80k (IIRC). Those programs don't protect you from negative amortization, a super legit countervailing consideration, but that's a lot of extra money in your pocket every month.
What is this negative amortization of which you speak?

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icechicken
Lost in the sauce
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Re: Harvard Students and Grads Taking Questions

Post by icechicken » Sat Apr 14, 2018 10:49 am

ss108 wrote:
Sat Apr 14, 2018 12:24 am
What is this negative amortization of which you speak?
Amortization, generally, is the practice of writing down an asset over time until it is worthless (the Latin root mort in there meaning to kill or extinguish). PSLF-integrated LRAPs, because they're based around your loans all getting forgiven by the federal government, only contribute the minimum needed to service your debt in the meantime. Your loans' balance actually increases for 10 years as interest accrues. In fancy accounting language, you see "negative amortization".

In theory, it doesn't matter because you'll eventually hit that 120th payment and get everything forgiven under PSLF (as that program currently operates), but it makes law-school debt an even more terrifying sword of Damocles in the meantime.

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Echos Myron
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Re: Harvard Students and Grads Taking Questions

Post by Echos Myron » Sat Apr 14, 2018 2:18 pm

icechicken wrote:
Sat Apr 14, 2018 10:49 am
ss108 wrote:
Sat Apr 14, 2018 12:24 am
What is this negative amortization of which you speak?
Amortization, generally, is the practice of writing down an asset over time until it is worthless (the Latin root mort in there meaning to kill or extinguish). PSLF-integrated LRAPs, because they're based around your loans all getting forgiven by the federal government, only contribute the minimum needed to service your debt in the meantime. Your loans' balance actually increases for 10 years as interest accrues. In fancy accounting language, you see "negative amortization".

In theory, it doesn't matter because you'll eventually hit that 120th payment and get everything forgiven under PSLF (as that program currently operates), but it makes law-school debt an even more terrifying sword of Damocles in the meantime.
It is also relevant because if you decide to bail for the private sector after 8 years (for example), you'll likely owe much more money than you did after graduating law school

californialawz
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Re: Harvard Students and Grads Taking Questions

Post by californialawz » Fri Apr 20, 2018 2:49 pm

chelsea4970 wrote:
Thu Mar 29, 2018 3:53 pm
If anyone on here got in off the WL could you please PM me? Looking for LOCI advice and would love to hear from someone who had success with theirs!
Same here please. I would love to hear anyone’s experience coming in off of the waitlist

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purple nightstick
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Re: Harvard Students and Grads Taking Questions

Post by purple nightstick » Thu Apr 26, 2018 8:56 am

californialawz wrote:
Fri Apr 20, 2018 2:49 pm
chelsea4970 wrote:
Thu Mar 29, 2018 3:53 pm
If anyone on here got in off the WL could you please PM me? Looking for LOCI advice and would love to hear from someone who had success with theirs!
Same here please. I would love to hear anyone’s experience coming in off of the waitlist
^^^

unseamedprawn
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Re: Harvard Students and Grads Taking Questions

Post by unseamedprawn » Thu Apr 26, 2018 12:46 pm

I am considering renting a one bedroom, 500 sq ft, dog friendly apartment located in between Central and Harvard Square. It's $2100/ month. I have two dogs, and this is one of the cheaper options I have found that are dog friendly. Is this an okay price or is it too high??

Cannonballer
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Re: Harvard Students and Grads Taking Questions

Post by Cannonballer » Thu Apr 26, 2018 1:03 pm

unseamedprawn wrote:
Thu Apr 26, 2018 12:46 pm
I am considering renting a one bedroom, 500 sq ft, dog friendly apartment located in between Central and Harvard Square. It's $2100/ month. I have two dogs, and this is one of the cheaper options I have found that are dog friendly. Is this an okay price or is it too high??
That's a normal price for the area. I found a dog-friendly 1BR last year for $1900 in the same location but the building is extremely shitty. Most 1BR's I've found near campus seem to be $2100-2200.

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nacogdoches
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Re: Harvard Students and Grads Taking Questions

Post by nacogdoches » Thu Apr 26, 2018 1:09 pm

unseamedprawn wrote:
Thu Apr 26, 2018 12:46 pm
I am considering renting a one bedroom, 500 sq ft, dog friendly apartment located in between Central and Harvard Square. It's $2100/ month. I have two dogs, and this is one of the cheaper options I have found that are dog friendly. Is this an okay price or is it too high??
You also might want to consider living out towards Arlington. I had a friend who did that on account of his dog, and it was much cheaper for a lot more space than in Cambridge. The commute isn't much longer than that from Central Square, though it's by bus rather than foot.

Borges_and_barbells
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Re: Harvard Students and Grads Taking Questions

Post by Borges_and_barbells » Thu Apr 26, 2018 1:30 pm

Can someone explain to me how it works when you move in and out of LIPP? Like, if you worked in a qualifying job for two years, then biglaw for two years, then back to qualifying job, how do payments work? Do you have to pay the same monthly amount during your law firm years as during LIPP years? If you pay it down extra hard during biglaw, do your payments in subsequent LIPP years get reduced?

Dazed_and_Confused
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Re: Harvard Students and Grads Taking Questions

Post by Dazed_and_Confused » Fri Apr 27, 2018 11:54 am

Any of you think there is actually a chance that the administration improved LIPP? I know a bunch of students sent an open letter to the Dean.

Cannonballer
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Re: Harvard Students and Grads Taking Questions

Post by Cannonballer » Fri Apr 27, 2018 2:15 pm

Dazed_and_Confused wrote:
Fri Apr 27, 2018 11:54 am
Any of you think there is actually a chance that the administration improved LIPP? I know a bunch of students sent an open letter to the Dean.
There's a lot more than just that open letter going on - there's a whole coalition that's been organizing all year around it and will continue to do so. They've been in active communication with the Dean throughout the year. I think some changes will be made, but the extent of reform is yet to be seen. I wouldn't bank on a major LIPP revolution.

Dazed_and_Confused
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Re: Harvard Students and Grads Taking Questions

Post by Dazed_and_Confused » Fri Apr 27, 2018 4:56 pm

Cannonballer wrote:
Fri Apr 27, 2018 2:15 pm
Dazed_and_Confused wrote:
Fri Apr 27, 2018 11:54 am
Any of you think there is actually a chance that the administration improved LIPP? I know a bunch of students sent an open letter to the Dean.
There's a lot more than just that open letter going on - there's a whole coalition that's been organizing all year around it and will continue to do so. They've been in active communication with the Dean throughout the year. I think some changes will be made, but the extent of reform is yet to be seen. I wouldn't bank on a major LIPP revolution.
Huh, but would you guess that the Dean is going to do something?

tomwatts
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Re: Harvard Students and Grads Taking Questions

Post by tomwatts » Fri Apr 27, 2018 5:20 pm

Dazed_and_Confused wrote:
Fri Apr 27, 2018 4:56 pm
Cannonballer wrote:
Fri Apr 27, 2018 2:15 pm
Dazed_and_Confused wrote:
Fri Apr 27, 2018 11:54 am
Any of you think there is actually a chance that the administration improved LIPP? I know a bunch of students sent an open letter to the Dean.
There's a lot more than just that open letter going on - there's a whole coalition that's been organizing all year around it and will continue to do so. They've been in active communication with the Dean throughout the year. I think some changes will be made, but the extent of reform is yet to be seen. I wouldn't bank on a major LIPP revolution.
Huh, but would you guess that the Dean is going to do something?
Agree with the quoted. Given the amount of activity, I'd be surprised if nothing at all happened, but I don't expect a radical reform.

tomwatts
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Re: Harvard Students and Grads Taking Questions

Post by tomwatts » Fri Apr 27, 2018 5:24 pm

Borges_and_barbells wrote:
Thu Apr 26, 2018 1:30 pm
Can someone explain to me how it works when you move in and out of LIPP? Like, if you worked in a qualifying job for two years, then biglaw for two years, then back to qualifying job, how do payments work? Do you have to pay the same monthly amount during your law firm years as during LIPP years? If you pay it down extra hard during biglaw, do your payments in subsequent LIPP years get reduced?
As I understand it, you go on a 10-year payment plan (by default). LIPP provides you the money to make those payments while you're on LIPP. LIPP then cuts you off while you're in biglaw. Then, when you go back to public interest, it kicks in again.

If you make extra loan payments while you're in biglaw, you get less LIPP when you go back to public interest because it's based on what you actually owe at the time. But if you just save the money while you're in biglaw, you may get less LIPP when you go back because they count your assets when considering your participant contribution. (Though there are various ways of avoiding this that depend on the details of your situation.)

Dazed_and_Confused
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Re: Harvard Students and Grads Taking Questions

Post by Dazed_and_Confused » Fri Apr 27, 2018 5:26 pm

tomwatts wrote:
Fri Apr 27, 2018 5:20 pm
Dazed_and_Confused wrote:
Fri Apr 27, 2018 4:56 pm
Cannonballer wrote:
Fri Apr 27, 2018 2:15 pm
Dazed_and_Confused wrote:
Fri Apr 27, 2018 11:54 am
Any of you think there is actually a chance that the administration improved LIPP? I know a bunch of students sent an open letter to the Dean.
There's a lot more than just that open letter going on - there's a whole coalition that's been organizing all year around it and will continue to do so. They've been in active communication with the Dean throughout the year. I think some changes will be made, but the extent of reform is yet to be seen. I wouldn't bank on a major LIPP revolution.
Huh, but would you guess that the Dean is going to do something?
Agree with the quoted. Given the amount of activity, I'd be surprised if nothing at all happened, but I don't expect a radical reform.
So for example, if the participant contribution at $90k/year government salary went from $1333 (taken from website) to like $1000, that would seal the deal for HLS from my perspective. But is that just wildly optimistic? Should I assume it'll basically stay the same?

Dazed_and_Confused
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Re: Harvard Students and Grads Taking Questions

Post by Dazed_and_Confused » Fri Apr 27, 2018 10:01 pm

Hey does anyone here know much about LIPP? I have this question: can you put yourself on a 15-year repayment plan instead of a 10-year one? Will LIPP still pay you the 10-year amount, thus letting you pay less in monthly loans? Obviously you wouldn't pay down the loan in the 10 years, but it would make the monthly budget nicer.

Cannonballer
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Re: Harvard Students and Grads Taking Questions

Post by Cannonballer » Fri Apr 27, 2018 11:05 pm

Dazed_and_Confused wrote:
Fri Apr 27, 2018 10:01 pm
Hey does anyone here know much about LIPP? I have this question: can you put yourself on a 15-year repayment plan instead of a 10-year one? Will LIPP still pay you the 10-year amount, thus letting you pay less in monthly loans? Obviously you wouldn't pay down the loan in the 10 years, but it would make the monthly budget nicer.
No. The whole point is that it’s a 10 year plan and they definitely won’t budge on that. And re: your earlier question, I highly doubt that changes that happen will significantly affect contributions at higher levels like $90k; I expect changes more akin to transition time and maybe the amount of undergrad student borrowing that’s covered. In any case I certainly wouldn’t make an enrollment decision on whether or not you expect to pay $1000 or $1300 when you make $90k. There are plenty of other more concrete things to think about when making your decision!

Avocat
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Re: Harvard Students and Grads Taking Questions

Post by Avocat » Sun Apr 29, 2018 2:29 pm

Has anyone here done a 2 or 3 year deferral? I'm going to be doing a 1 year deferral next year, but might want to extend it a year or two if a certain opportunity comes through...

ss108
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Re: Harvard Students and Grads Taking Questions

Post by ss108 » Sun Apr 29, 2018 3:49 pm

What is the process like for grant renewal for returning students? Basically the same forms filled out as a 0L?

What is the general verification process they run through to confirm your grant after you confirm to enroll?

cranberrybog
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Re: Harvard Students and Grads Taking Questions

Post by cranberrybog » Wed May 02, 2018 7:37 pm

Hello, all! I actually posted this query in the Harvard waitlist thread as well, but I thought it might actually be better placed here.

Anyway- here goes: Does anyone who got in off the waitlist (or anyone in general) have any pointers re. a way for us WL people to more or less accurately ballpark an expected aid package? I ended up with a relatively generous package at a CCN school, and I'd really like to have some idea that I wouldn't be making a hideous mistake in throwing that away for HLS if I were lucky enough to get that choice.

Thanks, all! If anyone has insight on this I'll bring it back to my comrades on the WL thread, as well.

bluejet2018
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Re: Harvard Students and Grads Taking Questions

Post by bluejet2018 » Fri May 04, 2018 5:33 pm

cranberrybog wrote:
Wed May 02, 2018 7:37 pm
Hello, all! I actually posted this query in the Harvard waitlist thread as well, but I thought it might actually be better placed here.

Anyway- here goes: Does anyone who got in off the waitlist (or anyone in general) have any pointers re. a way for us WL people to more or less accurately ballpark an expected aid package? I ended up with a relatively generous package at a CCN school, and I'd really like to have some idea that I wouldn't be making a hideous mistake in throwing that away for HLS if I were lucky enough to get that choice.

Thanks, all! If anyone has insight on this I'll bring it back to my comrades on the WL thread, as well.
I'm very curious about this too.

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theconsigliere
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Re: Harvard Students and Grads Taking Questions

Post by theconsigliere » Fri May 04, 2018 6:54 pm

bluejet2018 wrote:
Fri May 04, 2018 5:33 pm
cranberrybog wrote:
Wed May 02, 2018 7:37 pm
Hello, all! I actually posted this query in the Harvard waitlist thread as well, but I thought it might actually be better placed here.

Anyway- here goes: Does anyone who got in off the waitlist (or anyone in general) have any pointers re. a way for us WL people to more or less accurately ballpark an expected aid package? I ended up with a relatively generous package at a CCN school, and I'd really like to have some idea that I wouldn't be making a hideous mistake in throwing that away for HLS if I were lucky enough to get that choice.

Thanks, all! If anyone has insight on this I'll bring it back to my comrades on the WL thread, as well.
I'm very curious about this too.
pm me

Avocat
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Re: Harvard Students and Grads Taking Questions

Post by Avocat » Sat May 05, 2018 10:38 am

Hey all- so I'm going to be deferring this year and working as an independent contractor. I need to do this for personal reasons and the deferral has already been approved. My question is in regards to financial aid. Given my parents' income, I should get full need based aid, I think. How much would I need to earn this year before it starts to cut out of my aid for next year? I expect to earn 30-40k, but could earn more if I work more hours. I wouldn't do this, though, if it would basically just come out of a future financial aid award. Any advice is helpful, thanks!!

Borges_and_barbells
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Re: Harvard Students and Grads Taking Questions

Post by Borges_and_barbells » Mon May 07, 2018 3:57 pm

Does anyone know how much of your 2L SA earnings HLS takes away from financial aid? For instance, if you would get 30k with no summer earnings, would they cut that down to 10k, roughly 20k?

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pneumonia
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Re: Harvard Students and Grads Taking Questions

Post by pneumonia » Mon May 07, 2018 5:21 pm

Borges_and_barbells wrote:
Mon May 07, 2018 3:57 pm
Does anyone know how much of your 2L SA earnings HLS takes away from financial aid? For instance, if you would get 30k with no summer earnings, would they cut that down to 10k, roughly 20k?
It depends on how much you make during your summer. But yes, if your 1L aid was 30k and you earn roughly 30k for a summer associate gig, you can expect your 2L aid to decrease to about 10k. I think most SAs pay closer to 35k now, though.

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