Academic

Loan Repayment News: Duke Law Juices Up LRAP

By Dan Filler

I haven't followed the state of Loan Repayment Assistance Programs (LRAP) around the country, but Duke has definitely amped up its program to address the economy (and to encourage grads to take a job, even if it doesn't pay that well.)  According to the Triangle Business Journal:  

Duke University?s Law School is expanding its Loan Repayment Assistance Program....Under the new guidelines, which go into effect for the 2010-11 academic year, the program will cover 100 percent of loan payments for graduates making $60,000 a year or less, up from $35,000. The program also provides some assistance, on a sliding scale, for graduates making between $60,000 and $75,000. Additionally, Duke has eliminated the cap on lifetime loan repayments, which previously stood at $80,000....LRAP only repays federal loans, and recipients much make payments using federal income-based repayment guidelines.

This is probably a pretty cost-effective recruitment program, from an admissions point of view.  It provides a relatively limited amount of cash and it only pays out for students who actually accept jobs at lower income levels - which, in a normal economy, is probably a relatively small portion of the overall class.  And it defers support until after graduation.  For these reasons, it's got to be cheaper than spiking financial aid on the front end.  And it's also great social policy. 

This shows how checked out I am.  Are we in the midst of a law school LRAP war?

Full post as published by The Faculty Lounge on May 25, 2010 (boomark / email).