What COA would you be okay with for Chicago? Forum

[Dr. Gaius Baltar]

I'm in, but I don't anticipate getting much aid. I'm leaning towards going regardless of price. I'd appreciate any thoughts. Please say why you'd be okay with a certain debt level, or not.

Also, has anyone successfully negotiated aid with Chicago?

[Emma.]

What're your other options? Career goals?

[Dr. Gaius Baltar]

I want big law, but I don't want to HAVE to do it in order to pay off loans. I've read a lot of stories about people who end up despising big law and want to leave but can't because of loan payments.

I'm still waiting on information from Duke and Cornell.

[eav1277]

Idk how so many people can be comfortable with over 200K in debt. If it's HYS, I can understand but anywhere outside of that is a little crazy. Sure you have a great shot at big law but what happens if you get sick, fired, let go, or hate the job? Or if you are going the PI/LRAP route, you are going to have a huuuuge amount of debt. So you better hope you stay employed.

Also just curious, how hard is it to get credit/car loans/home loan with this kind of debt? Do they treat it differently than other debt if you can show it's getting covered by LRAP/will be gone in 10 years?

Not to discourage the OP at all. Just know what you are risking. I voted 150K. still a lot of money

[Dr. Gaius Baltar]

Idk how so many people can be comfortable with over 200K in debt. If it's HYS, I can understand but anywhere outside of that is a little crazy. Sure you have a great shot at big law but what happens if you get sick, fired, let go, or hate the job? Or if you are going the PI/LRAP route, you are going to have a huuuuge amount of debt. So you better hope you stay employed.

Also just curious, how hard is it to get credit/car loans/home loan with this kind of debt? Do they treat it differently than other debt if you can show it's getting covered by LRAP/will be gone in 10 years?

Not to discourage the OP at all. Just know what you are risking. I voted 150K. still a lot of money

Very valid points. My original plan was to be less than 100K in debt because of these points but the more I learn about Chicago, the more I like it. I'm pretty surprised to find myself in the position of considering sticker.

[eav1277]

Not saying don't do it, but I think ppl on TLS are often a little too gung ho about sticker at some of the T-14.

Chicago is a great school though congrats. Near the end of the cycle try to squeeze some money out of them. The whole love your school, debt scares me, other options thing. Every little bit helps

[Dr. Gaius Baltar]

Not saying don't do it, but I think ppl on TLS are often a little too gung ho about sticker at some of the T-14.

Chicago is a great school though congrats. Near the end of the cycle try to squeeze some money out of them. The whole love your school, debt scares me, other options thing. Every little bit helps

I'll definitely try. Thanks!

[Dr. Gaius Baltar]

So, my fear has been realized. No significant scholarship. I got 15k. I'm seriously trying to decide what to do at this point. Any insight is welcome.

[skers]

15k a year or 15k total?

[talesofyore]

.

[ManOfTheMinute]

The 36% who voted >200K are crazy.

[Balthy]

Idk how so many people can be comfortable with over 200K in debt. If it's HYS, I can understand but anywhere outside of that is a little crazy. Sure you have a great shot at big law but what happens if you get sick, fired, let go, or hate the job? Or if you are going the PI/LRAP route, you are going to have a huuuuge amount of debt. So you better hope you stay employed.

Also just curious, how hard is it to get credit/car loans/home loan with this kind of debt? Do they treat it differently than other debt if you can show it's getting covered by LRAP/will be gone in 10 years?

Not to discourage the OP at all. Just know what you are risking. I voted 150K. still a lot of money

What makes it understandable with HYS? Can't you also get sick, fired, or end up hating the job? And I think Biglaw chances are virtually the same, right?

[Dr. Gaius Baltar]

15k a year or 15k total?

I don't see much of a difference between 45k and 15K at that level of debt, so I'd be just as petrified if it were 15 grand annually but it's not. It's 15k total.

[skers]

I don't really get the whole 'there's not difference between 15k and 45k' bit as 30k with interest is far from insignificant especially as you compare different scholarship figures.

Honestly, I'd be worried if y'all weren't scared as the amount of debt it takes to get a legal education is fucking absurd. UChicago is a great school and I'm really happy with my decision, but YMMV. No one is really going to be able to tell you the 'right' decision as career goals and debt comfortability levels are really fucking personal. Sit down, crunch the numbers, and figure what odds/debt loads you are comfortable with. I will say as a general matter, if you're a k-JD take a year (or 2) off. There's no reason to rush to law school.

Feel free to PM me if y'all have more specific questions.

[sinfiery]

Lol @ not caring about $30,000

[Bronck]

Less than $200k IMO. I'll be going into ~$180k of debt for CLS and even then the debt terrifies me.

[adoseofwendy]

Just got a half-tuition scholarship for U Chicago with guaranteed LRAP. How big of an impact will 75k debt make on my life? I was interested in going the PI route.

[ManOfTheMinute]

Just got a half-tuition scholarship for U Chicago with guaranteed LRAP. How big of an impact will 75k debt make on my life? I was interested in going the PI route.

With LRAP? None, if you go the PI. If you go big law, you'll be able to pay it off in 3 years using 25% of after-tax earnings. So not that much.

[hung jury]

Just got a half-tuition scholarship for U Chicago with guaranteed LRAP. How big of an impact will 75k debt make on my life? I was interested in going the PI route.

What is guaranteed LRAP? Chicago promised you a PI job for ten years?

[adoseofwendy]

Just got a half-tuition scholarship for U Chicago with guaranteed LRAP. How big of an impact will 75k debt make on my life? I was interested in going the PI route.

What is guaranteed LRAP? Chicago promised you a PI job for ten years?

No, haha. If I choose a PI job after Chicago, I would be accepted to the loan repayment program.

So you're saying 75k is not a huge financial burden whether I go big law or do PI + the LRAP program?

[Dr. Gaius Baltar]

Lol @ not caring about $30,000

Okay, I could have phrased it differently. I just wanted to highlight the fact that I'd be mourning at the same level. But of course if a little elf were to appear and ask whether I prefer 15K debt or 45K debt I wouldn't be like "do whatever you want."

[Ti Malice]

Idk how so many people can be comfortable with over 200K in debt. If it's HYS, I can understand but anywhere outside of that is a little crazy. Sure you have a great shot at big law but what happens if you get sick, fired, let go, or hate the job? Or if you are going the PI/LRAP route, you are going to have a huuuuge amount of debt. So you better hope you stay employed.

Also just curious, how hard is it to get credit/car loans/home loan with this kind of debt? Do they treat it differently than other debt if you can show it's getting covered by LRAP/will be gone in 10 years?

Not to discourage the OP at all. Just know what you are risking. I voted 150K. still a lot of money

What makes it understandable with HYS? Can't you also get sick, fired, or end up hating the job? And I think Biglaw chances are virtually the same, right?

To your last question: No.

[Ti Malice]

Just got a half-tuition scholarship for U Chicago with guaranteed LRAP. How big of an impact will 75k debt make on my life? I was interested in going the PI route.

Your living expenses will be covered?

[talesofyore]

What makes it understandable with HYS? Can't you also get sick, fired, or end up hating the job? And I think Biglaw chances are virtually the same, right?

To your last question: No.

Can you speak more on that please?

[adoseofwendy]

Just got a half-tuition scholarship for U Chicago with guaranteed LRAP. How big of an impact will 75k debt make on my life? I was interested in going the PI route.

Your living expenses will be covered?

No I'll have to take out loans to cover cost of living.