This document will assist prospective law students in analyzing the LRAPs of the law schools they may be considering, as loan repayment looms large in the decision to attend law school and the selection of one. The table below offers a manageable rubric to learn about LRAPs generally and Michigan Law’s in particular. This should not be taken as a substitute for reading our FAQ, other web materials, and, when the time comes, the application guidelines (password restricted).
There are many factors that comprise an LRAP; however, the type of jobs that are eligible, conditions on entry and re-entry, and the accounting for negative amortization are especially important for evaluating whether a program provides comprehensive, long-term, and flexible support to a law school graduate.
MLAW INCOME-BASED DEBT MANAGEMENT PROGRAM
Latest Entry into Program
Maximum Number of Years Participation
Part-time, Self-, and Other Employment
ENTRY, EXIT, & RE-ENTRY
Negative Amortization (or What Was Happening to All That Unpaid Interest?)
Deadlines During the Year
BENEFITS & COVERAGE
Factors Considered in Determining the Amount of the Benefit
Annual Forgiveness and Federal Tax Issues
Family Care Leave
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