More LRAP: GW needs a real endowment

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?

Posted 03:00 PM | Comments (8) | TrackBack | 3L

GW Law Class of '06 Throws Down

I just learned that my fellow graduating (we hope) students at GW have been very generous this year in giving to the class gift. As the chart at right shows, 61% of the graduating class have donated money, with some sections (including 14, of which I am a member) reaching nearly 70% participation. If you're not impressed, just compare that with last year's participation of 51% and you'll realize that the class of 2006 has done a great thing here. Once we passed 52% participation, a group of generous alumni agreed to match all donations 4-1, so the more than $19,000 we've given is going to become over $95,000! Thanks to everyone in my class for their generosity! I take back all those bad things I ever said or thought about you. Well, most of them, anyway. Ok, some of them. Oh nevermind! Just thanks, ok!?

All this class gift money goes either to the LRAP or to incoming student scholarships for “deserving” students—each donor was supposed to designate his/her gift for one pot or the other.

<rant>
I've tried to tell everyone who would listen that the LRAP is a much more worthy cause simply b/c LRAP money goes to people people who have made a commitment to use their legal education helping needy and underserved populations. If you give scholarships to incoming students, odds are 99% at GW that those people are not going to practice public interest law. The counter argument is that if you give money on the front end people don't have to take out loans so the total cost of law school becomes much less b/c there's no loan interest involved. Therefore, the school's money goes further w/scholarships. In other words, if you give $100 to an incoming student, you'll pay for $100 of law school expenses. If you give $100 in LRAP you'll pay around $95 of law school expenses and $5 interest (at an interest rate of 5% ).

My point is: Who does the money ultimately benefit? If you give to an incoming student, odds are 99% that money will benefit corporations and other private clients who can afford to pay top dollar for legal services b/c odds are 99% that an incoming GW law student will end up going to private, non-public-interest law. If you give via the LRAP to an outgoing student who is already working in public interest law, odds are 100% that money will benefit needy and underserved people who may not have otherwise been able to afford legal services. So yeah, a small portion of LRAP money goes toward paying interest to banks, but the lion's share goes toward increasing access to legal services in this country. Therefore, LRAPs are much more worthwhile (at least at a school like GW) than incoming student scholarships.
<rant/>

Are you convinced?

Posted 01:23 PM | Comments (37) | TrackBack | 3L