Once I get started, I just can't stop. But I'm thinking more about GW's LRAP. In a way you could say I came to GW only b/c of its LRAP b/c I only applied to schools w/LRAPs. That means if GW hadn't had an LRAP, it wouldn't have been on my list and everything would have been different. So I have always planned to get a job that qualifies for the LRAP and I hope to be able to take great satisfaction in the fact that GW will end up paying back some (I hope large) portion of my loans.
I've known from the beginning that as far as LRAPs go, GW's is no great shakes—barely funded, very restrictive in what jobs qualify, etc. But its great advantage is that almost no one uses it. GW grads almost never go into public interest law (the average is 1% of each class) so they almost never qualify for the LRAP. That means that even though it's barely funded, odds aren't bad that those few that do qualify will get money. Last year GW funded everyone who qualified for the LRAP at 100% of what they qualified for. I believe that is true for several previous years, as well. So that's great. The only problem is that available funding changes every year. The LRAP has an “endowment” of only $15,000, meaning there are virtually zero dollars dedicated to the program. Instead, most of the LRAP money comes from alumni donors and, recently, class gifts.
One hundred percent of last year's generous class gift went to the LRAP and they were able to fund everyone who qualified. This year, we have to split our class gift between LRAP and incoming student scholarships. One reason for that is that our new Dean has publicly expressed disdain for the LRAP several times; it's not a priority for him. I don't know how much say he has over where class gift money goes, but I know his antipathy toward the LRAP cannot be a good thing for its long-term health. With so little institutional support, is there going to be any money for people like me next year? The year after that?
Yet, solving this problem would be so simple. If 100% of class gifts for the next 5 years went toward the LRAP endowment (not to payouts, but to the principle), then in 5 years the endowment would go from $15,000 to $500,000. The interest alone on that endowment would probably be enough to fund most if not all of LRAP requirements. In fact, that's what should have been done before the school ever started claiming to have an LRAP. If it would be so easy, why not do it now?
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