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[Brian Tamanaha] What's Wrong With Income Based Repayment In Legal Academia: A Response to SchragLaw School 2013. 6. 20. 15:37
What's Wrong With Income Based Repayment In Legal Academia: A Response to Schrag
Brian Tamanaha
........ That said, in my view IBR does not solve the basic underlying problem of the warped economics of legal education, but actually has the potential to make it worse. I will identify just two reasons to doubt Schrag's assertion that no big changes are necessary.
First, I find it alarming, not reassuring, to be told that IBR should be viewed as the "standard payment" for contemporary law grads. This very assertion confirms the argument of my book that, as a systemic matter for the bulk of law students, the income they earn coming out (and for years thereafter) cannot support the amount of debt they took on to obtain their law degree.
Now, given this recognition, legal educators can take the position that we should engage in fundamental reforms aimed at rectifying this systemic economic mismatch; or we can leave the situation basically as it is and be thankful that IBR saves us from making hard choices. My stance is the former, not just because I believe the economic mismatch has many bad consequences, but also because I believe it is unwise to count on the existence of a government program that might well be cut back or restricted in the budget cutting battles that lie ahead. As Schrag recognizes, the forgiveness aspect of IBR operates as a subsidy for law schools, covered by taxpayers. When this becomes widely understood, at least in Congress and the Department of Education, I doubt that it will enjoy much support.
The second reason for concern is that the operation of IBR exacerbates the situation in several ways. Because monthly loan payments under the program are tied to salary, not to the amount owed, IBR renders the size of the debt irrelevant. For example, a student who owes $130,000 will pay exactly the same amount over the 20 years as a student who owes $200,000 (assuming the same income). Consequently, students might be less concerned about whether law school is a poor economic risk (their downside is limited), and they need not think about the magnitude of the debt they take on because all will be forgiven at 20 years........
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