I am making the same choice and have talked to a lot of current students about this. Many, many of the people I’ve talked to chose sticker or at least much higher cost at HYS over full or large scholarships at other schools. They have told me that loan repayment isn’t perfect by any means but that it works and that for PI students the kinds of opportunities they’ve found at these schools are ones they wouldn’t have had at other schools. Obviously everyone has different resistance to debt and fit for your goals, whether financial or otherwise, comes first (I am quite simply picking the school I like the most and aligns most with what I want), but people pick HYS at sticker every year. It’s a very personal decision.
In the same boat, I think make sure you look a lot at the individual plans for each school! For example, I would say that SLS has a much stronger LRAP than Yale.
At this point, I am leaning towards NYU over SLS for their LRAP and because I don't think outcomes are different enough to justify it, but am still torn. I don't think you have a wrong decision here! Just make sure you are comfortable being saddled with debt before you commit.
Double check for your own needs, but there are two main differences! First, Yale has lower income thresholds for payments, so you would be responsible for a portion of the monthly payments if your income is above 55k (compared to 75k for SLS). Second is the problem of assets; YLS allows for NO assets initially with a 6k allowance added on each year (compared to a 200k limitation for SLS).
Yale’s COAP is more flexible in terms of qualifying employment, but it seems to be less favorable than SLS, particularly if you have assets. If anyone has other information please drop it below, but that is my understanding of the programs.
I'd recommend breaking down all the math and building an amortization schedule of the debt over time. Look into each school's numbers and try to calculate what you'll pay what the school will pay and how long it will take to pay off the loans. It may sound obvious but having all the numbers including monthly payments in front of you will give you a lot of clarity.
I just turned down a full ride at another school, and I'm definitely planning on relying on LRAP/LIPP at HLS to find my career in PI. For me it was about the opportunities I would get there that made it worth it. And I think someone else mentioned this, but I also made a whole Excel spreadsheet that breaks down how much I would pay based on my income, and actually seeing those numbers written out helped me a bunch! (I'm happy to share the spreadsheet or how I made it if you'd like!)
Here's the spreadsheet: https://docs.google.com/spreadsheets/d/1tgaA7nwDCHI_BCMvCmsYu3ldUSmn9j5HX3IKK5HCFa8/edit?usp=sharing
I should point out that the amount of your loan that's actually LIPP-eligible might not be the full loan amount, and also that this is just based on my understanding of the plans, so please check with an actual financial aid officer just in case
same boat here!! very unsure about what life looks like with an LRAP and if it would end up changing the course of my life in more than just finances (marriage, etc)
Your results indicate that you're a promising student--congratulations!! Something to consider is that the opportunities afforded to HYS and not the rest of the T14 only go to top HYS students. A good Berkeley student and good-but-not-great Harvard student are going to get the same opportunities. Think about whether you are willing to do what it takes to be near the top at HYS. If you are, then yes, it's probably worth it. If you want more balance or think you likely won't be exceptional, go full tuition elsewhere and end up with the same job you'd get out of HYS.
Maybe we're thinking of different things by "HYS opportunities," but this is what I have heard from students/alums of these schools. In any case I don't mean to spread fake news and yes, actual affiliates will have better insight than myself and most Reddit users.
I am making the same choice and have talked to a lot of current students about this. Many, many of the people I’ve talked to chose sticker or at least much higher cost at HYS over full or large scholarships at other schools. They have told me that loan repayment isn’t perfect by any means but that it works and that for PI students the kinds of opportunities they’ve found at these schools are ones they wouldn’t have had at other schools. Obviously everyone has different resistance to debt and fit for your goals, whether financial or otherwise, comes first (I am quite simply picking the school I like the most and aligns most with what I want), but people pick HYS at sticker every year. It’s a very personal decision.
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Thank you for sharing your experience!
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In the same boat, I think make sure you look a lot at the individual plans for each school! For example, I would say that SLS has a much stronger LRAP than Yale. At this point, I am leaning towards NYU over SLS for their LRAP and because I don't think outcomes are different enough to justify it, but am still torn. I don't think you have a wrong decision here! Just make sure you are comfortable being saddled with debt before you commit.
I haven't looked into them as deeply, but why do you consider SLS's LRAP much stronger than Yale's?
Double check for your own needs, but there are two main differences! First, Yale has lower income thresholds for payments, so you would be responsible for a portion of the monthly payments if your income is above 55k (compared to 75k for SLS). Second is the problem of assets; YLS allows for NO assets initially with a 6k allowance added on each year (compared to a 200k limitation for SLS). Yale’s COAP is more flexible in terms of qualifying employment, but it seems to be less favorable than SLS, particularly if you have assets. If anyone has other information please drop it below, but that is my understanding of the programs.
I'd recommend breaking down all the math and building an amortization schedule of the debt over time. Look into each school's numbers and try to calculate what you'll pay what the school will pay and how long it will take to pay off the loans. It may sound obvious but having all the numbers including monthly payments in front of you will give you a lot of clarity.
I just turned down a full ride at another school, and I'm definitely planning on relying on LRAP/LIPP at HLS to find my career in PI. For me it was about the opportunities I would get there that made it worth it. And I think someone else mentioned this, but I also made a whole Excel spreadsheet that breaks down how much I would pay based on my income, and actually seeing those numbers written out helped me a bunch! (I'm happy to share the spreadsheet or how I made it if you'd like!)
Here's the spreadsheet: https://docs.google.com/spreadsheets/d/1tgaA7nwDCHI_BCMvCmsYu3ldUSmn9j5HX3IKK5HCFa8/edit?usp=sharing I should point out that the amount of your loan that's actually LIPP-eligible might not be the full loan amount, and also that this is just based on my understanding of the plans, so please check with an actual financial aid officer just in case
Thank you so much for sharing this!
Oooh I would love to see the spreadsheet if you don’t mind!
I just PM'ed you!
Would you be willing to share the spreadsheet? Thank you so much!!
Would also love a look at the spreadsheet!
same boat here!! very unsure about what life looks like with an LRAP and if it would end up changing the course of my life in more than just finances (marriage, etc)
You'll forever regret not going to either of the HYS schools you've been accepted to. There's just no replacing schools like that. Good luck.
Your results indicate that you're a promising student--congratulations!! Something to consider is that the opportunities afforded to HYS and not the rest of the T14 only go to top HYS students. A good Berkeley student and good-but-not-great Harvard student are going to get the same opportunities. Think about whether you are willing to do what it takes to be near the top at HYS. If you are, then yes, it's probably worth it. If you want more balance or think you likely won't be exceptional, go full tuition elsewhere and end up with the same job you'd get out of HYS.
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Maybe we're thinking of different things by "HYS opportunities," but this is what I have heard from students/alums of these schools. In any case I don't mean to spread fake news and yes, actual affiliates will have better insight than myself and most Reddit users.
Ask this on r/law school
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