What would you do? Texas $90 v. Duke $40 v. UVA $0

(Rankings, Profiles, Tuition, Student Life, . . . )

What would you do?

UVA $0K (200 total debt)
7
12%
Duke $40K (160 total debt)
12
21%
Texas $90K (110 total debt)
38
67%
 
Total votes: 57

Applicant2010
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What would you do? Texas $90 v. Duke $40 v. UVA $0

Postby Applicant2010 » Tue Apr 13, 2010 11:02 pm

- Goals: BigLaw in California (LA/OC) or Texas in that order
- Cost: I'm married with a newborn, and my wife will only be able to tutor/substitute teach where we end up. Because of this, I will need to take out private loans on top of cost of attendance.
- UVA: This was my goal from day 1, and I think we would be happiest in Charlottesville.
- Duke: I spent two summers at Duke, enjoyed everything about the school and almost attended for UG.
- Texas: I graduated high school in Texas and family still lives there. Two of my siblings are undergrads at UT, so it would be great to have family nearby.

Basically, I love all three options. I will obviously have the best shot at BigLaw from UVA or Duke, but the cost burden is substantial. With interest over 10 years, I'm looking at 150K and 100K more (respectively) in total repayment over UT.

What would you do?
Last edited by Applicant2010 on Wed Apr 14, 2010 12:36 am, edited 2 times in total.

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waldodanto
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Re: What would you do? Texas v. Duke v. UVA

Postby waldodanto » Tue Apr 13, 2010 11:11 pm

I'd go Texas. You sound like a family oriented guy, and I can't imagine you won't be happy at UT. UT places like nobody else in Texas really, and I'm not sure I'd want 200k in debt with a new family and a wife with a baby at home, with the spouse not pulling in a ton of money. No critique of your relationship at all, just that it will be a ton of pressure to land a big law job out of UVA with that kind of debt, and while that's very very possible, its still a ton of pressure for 3-7 years to make that money back, lots of long hours... I wouldn't want to HAVE to make biglaw in this economy anyway, and 200k debt out of UVA is basically betting it all on the biglaw horse.
Less debt, near family (not to be undervalued going through your 1L year), less pressure... UT easy.

showNprove
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Re: What would you do? Texas v. Duke v. UVA

Postby showNprove » Tue Apr 13, 2010 11:16 pm

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Last edited by showNprove on Sat Feb 26, 2011 6:09 pm, edited 1 time in total.

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Rock Chalk
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Re: What would you do? Texas v. Duke v. UVA

Postby Rock Chalk » Tue Apr 13, 2010 11:17 pm

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Last edited by Rock Chalk on Wed May 16, 2012 2:43 am, edited 1 time in total.

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Dr. Strangelove
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Re: What would you do? Texas v. Duke v. UVA

Postby Dr. Strangelove » Tue Apr 13, 2010 11:19 pm

What exactly do you love about UVA?
From your post, it sounds like you're more emotionally attached to UT-Austin.
I would go with UT or UVA if I was in your position.

Applicant2010
Posts: 106
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Re: What would you do? Texas v. Duke v. UVA

Postby Applicant2010 » Tue Apr 13, 2010 11:32 pm

Thank you all for contributing!

Dr. Strangelove wrote:What exactly do you love about UVA?
From your post, it sounds like you're more emotionally attached to UT-Austin.
I would go with UT or UVA if I was in your position.


I like that UVA has the most extensive business law program, and the students and alumni I have met are fantastic. The school history, honor code and environment are also appealing. It has the intangible qualities I enjoy.

Rock Chalk wrote:I personally would've taken the $45K at Michigan if I were you.


Haha. My wife nixed that option immediately. She's willing to put up with law school, so I gave her that veto.

Applicant2010
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Re: What would you do? Texas $90 v. Duke $40 v. UVA $0

Postby Applicant2010 » Wed Apr 14, 2010 10:05 am

a.m. bump - UT deposit due tomorrow

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jks289
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Re: What would you do? Texas $90 v. Duke $40 v. UVA $0

Postby jks289 » Wed Apr 14, 2010 10:12 am

As soon as I read "private loans" I voted for Texas. You really want to minimize that debt. Private loans have no deferral period and unless you'll be in a position to pay back almost all of the principal as soon as your graduate, you could end up getting slammed with crazy interest rates. Especially with a family to think about, considering Texas is a great school where you have family support and will place well in the regions you want, I think you would be insane to go elsewhere.

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holydonkey
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Re: What would you do? Texas $90 v. Duke $40 v. UVA $0

Postby holydonkey » Wed Apr 14, 2010 10:13 am

I would go with UT. UVA is a great school, but I don't think it's worth anywhere near double the cost of attendance.

jerjon2
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Re: What would you do? Texas $90 v. Duke $40 v. UVA $0

Postby jerjon2 » Wed Apr 14, 2010 10:18 am

jks289 wrote:As soon as I read "private loans" I voted for Texas. You really want to minimize that debt. Private loans have no deferral period and unless you'll be in a position to pay back almost all of the principal as soon as your graduate, you could end up getting slammed with crazy interest rates. Especially with a family to think about, considering Texas is a great school where you have family support and will place well in the regions you want, I think you would be insane to go elsewhere.


Is it possible to talk to the financial aid people at the three schools to see if he can have his COL loans from the school increased in light of his situation? (I've never thought about doing this since I don't have a family and don't live on much and the COL loans I got in undergrad were plenty for me) That way he could avoid the private loans and the problems associated with them.

P.S. What does your wife have against Michigan? (That would have been my choice if I had your preferences and choices barring any family circumstances)

Eieio
Posts: 6
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Re: What would you do? Texas v. Duke v. UVA

Postby Eieio » Wed Apr 14, 2010 10:23 am

waldodanto wrote:I'd go Texas. You sound like a family oriented guy, and I can't imagine you won't be happy at UT. UT places like nobody else in Texas really, and I'm not sure I'd want 200k in debt with a new family and a wife with a baby at home, with the spouse not pulling in a ton of money. No critique of your relationship at all, just that it will be a ton of pressure to land a big law job out of UVA with that kind of debt, and while that's very very possible, its still a ton of pressure for 3-7 years to make that money back, lots of long hours... I wouldn't want to HAVE to make biglaw in this economy anyway, and 200k debt out of UVA is basically betting it all on the biglaw horse.
Less debt, near family (not to be undervalued going through your 1L year), less pressure... UT easy.


I voted for UT after reading the bolded part.

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jks289
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Re: What would you do? Texas $90 v. Duke $40 v. UVA $0

Postby jks289 » Wed Apr 14, 2010 10:23 am

jerjon2 wrote:
jks289 wrote:As soon as I read "private loans" I voted for Texas. You really want to minimize that debt. Private loans have no deferral period and unless you'll be in a position to pay back almost all of the principal as soon as your graduate, you could end up getting slammed with crazy interest rates. Especially with a family to think about, considering Texas is a great school where you have family support and will place well in the regions you want, I think you would be insane to go elsewhere.


Is it possible to talk to the financial aid people at the three schools to see if he can have his COL loans from the school increased in light of his situation? (I've never thought about doing this since I don't have a family and don't live on much and the COL loans I got in undergrad were plenty for me) That way he could avoid the private loans and the problems associated with them.

P.S. What does your wife have against Michigan? (That would have been my choice if I had your preferences and choices barring any family circumstances)


You can get the school to increase you Grad Plus loans for things like childcare, but they usually have very conservative estimates (I think they allow $1,000 per child, or something). But wherever you end up, OP, talk to financial aid about accommodating your situation with federal loans.

memaha
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Re: What would you do? Texas $90 v. Duke $40 v. UVA $0

Postby memaha » Wed Apr 14, 2010 10:24 am

If you weren't married and didn't have a newborn to worry about, I would tell you to take UVA anyday. Actually even if you were married, I would say UVA. But a newborn is a lifetime of cost, and so from a financial standpoint, I voted UT. Also, to agree with the jks289, private loans are risky and the less you have to take out, the better.
Austin is a great city, UT is definitely a great law school, the similarities in quality of life between the two are negligible IMO (most people would also agree that Austin beats Charlottesville without a doubt).
Although UVA places better than UT on the West Coast, there is still a chance, but more importantly, it seems like you would be perfectly happy saying in Texas, in which case, UT dominates.

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RVP11
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Re: What would you do? Texas $90 v. Duke $40 v. UVA $0

Postby RVP11 » Wed Apr 14, 2010 10:25 am

memaha wrote:Although UVA places better than UT on the West Coast, there is still a chance, but more importantly, it seems like you would be perfectly happy saying in Texas, in which case, UT dominates.


UT doesn't dominate UVA in Dallas or Houston.

Applicant2010
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Joined: Sun Jul 26, 2009 8:53 pm

Re: What would you do? Texas $90 v. Duke $40 v. UVA $0

Postby Applicant2010 » Wed Apr 14, 2010 10:36 am

jerjon2 wrote:
jks289 wrote:As soon as I read "private loans" I voted for Texas. You really want to minimize that debt. Private loans have no deferral period and unless you'll be in a position to pay back almost all of the principal as soon as your graduate, you could end up getting slammed with crazy interest rates. Especially with a family to think about, considering Texas is a great school where you have family support and will place well in the regions you want, I think you would be insane to go elsewhere.


Is it possible to talk to the financial aid people at the three schools to see if he can have his COL loans from the school increased in light of his situation? (I've never thought about doing this since I don't have a family and don't live on much and the COL loans I got in undergrad were plenty for me) That way he could avoid the private loans and the problems associated with them.

P.S. What does your wife have against Michigan? (That would have been my choice if I had your preferences and choices barring any family circumstances)


I asked if they would increase the COA to maximize my amount of federal funding. The response was along the lines of "only for unplanned medical costs and childcare." Private loans are risky due to the fluctuating interest rate, but I think Wells Fargo has them for under 6%. Since I want to work for private firm, I will hopefully not need government IBR. Are private loans that terrible?

My wife has never lived outside of CA and does not want Michigan winter. It can't be as bad as she thinks, but it rarely drops below 40 here.

(Edit for grammar)

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jks289
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Re: What would you do? Texas $90 v. Duke $40 v. UVA $0

Postby jks289 » Wed Apr 14, 2010 10:46 am

Applicant2010 wrote:
jerjon2 wrote:
jks289 wrote:As soon as I read "private loans" I voted for Texas. You really want to minimize that debt. Private loans have no deferral period and unless you'll be in a position to pay back almost all of the principal as soon as your graduate, you could end up getting slammed with crazy interest rates. Especially with a family to think about, considering Texas is a great school where you have family support and will place well in the regions you want, I think you would be insane to go elsewhere.


Is it possible to talk to the financial aid people at the three schools to see if he can have his COL loans from the school increased in light of his situation? (I've never thought about doing this since I don't have a family and don't live on much and the COL loans I got in undergrad were plenty for me) That way he could avoid the private loans and the problems associated with them.

P.S. What does your wife have against Michigan? (That would have been my choice if I had your preferences and choices barring any family circumstances)


I asked if they would increase the COA to maximize my amount of federal funding. The response was along the lines of "only for unplanned medical costs and childcare." Private loans are risky due to the fluctuating interest rate, but I think Wells Fargo has them for under 6%. Since I want to work for private firm, I will hopefully not need government IBR. Are private loans that terrible?

My wife has never lived outside of CA and does not want Michigan winter. It can't be as bad as she thinks, but it rarely drops below 40 here.

(Edit for grammar)


Unless you are getting a fixed interest loan (and at 6% you aren't) a year or so out, they are going to jack up to interest rates (to around 11%). Even with BigLaw money it would be tough to pay on the principal after the interest payment. Private lender have no obligation to work with you on IBR or anything else, and they aren't eligible for loan forgiveness. If you are in a position to pay off the initial loan within 12 months of graduation, the initial lower interest might work in your favor. But you are risking ending up royally screwed with non-dischargeable debt. So, yes, private loans really are that terrible.

Applicant2010
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Re: What would you do? Texas $90 v. Duke $40 v. UVA $0

Postby Applicant2010 » Wed Apr 14, 2010 10:59 am

jks289 wrote:Unless you are getting a fixed interest loan (and at 6% you aren't) a year or so out, they are going to jack up to interest rates (to around 11%). Even with BigLaw money it would be tough to pay on the principal after the interest payment. Private lender have no obligation to work with you on IBR or anything else, and they aren't eligible for loan forgiveness. If you are in a position to pay off the initial loan within 12 months of graduation, the initial lower interest might work in your favor. But you are risking ending up royally screwed with non-dischargeable debt. So, yes, private loans really are that terrible.


Yep. That sounds terrible.

Applicant2010
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Re: What would you do? Texas $90 v. Duke $40 v. UVA $0

Postby Applicant2010 » Wed Apr 14, 2010 1:00 pm

Thank you everyone for the advice. It definitely solidified my thinking. Looks like I'll be a Longhorn pending any major revision to my Duke/UVA aid packages!

lhg587
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Re: What would you do? Texas $90 v. Duke $40 v. UVA $0

Postby lhg587 » Thu Apr 15, 2010 7:14 pm

texas.
austin rules.




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