drylo wrote:Notwithstanding what I said immediately above, if you want to talk doomsday scenarios, this is it. What's the worst that could happen if you to law school for three years for free, with a stipend? Obviously you could have potentially made more money (than the stipend) in that time if you had been working instead, but seriously--what's the worst that could happen?
You have to move in with your parents and are depressed that you cannot find a job? That sounds pretty bad to me - I am going to law school because I want a satisfying career.
I'd say your worst-case scenario from Michigan is probably better than your worst-case scenario from Harvard; in both scenarios, worst-case is having to move in with your parents because you can't find a job, but in one of those scenarios you are an extra 150+k in debt. Granted, this scenario is somewhat less likely out of Harvard, but we are looking at doomsday scenarios.
vamedic03 wrote:Sometimes it pays to not be risk adverse and take a chance. Incur the debt and go to Harvard. It'll be an amazing experience.
For me, this is what it boils down to. I think Michigan w/ Darrow is probably the safer option - realistically, if you can do well enough to get a Darrow, you can probably do well enough @ Michigan to get BigLaw if you want it, and if you decide you don't, well, you can do something else without being burdened by debt. I think Harvard is higher risk, higher reward. There are doors that will close if you go to Mich, and there are things that will be much more difficult even if still possible. Harvard also has a basically incomparable alumni network. However, you run the risk of being stuck with a ton of debt if you decide BigLaw isn't the thing for you - and especially if you decide law generally isn't the thing for you, since LIPP only covers government, non-profit, academic, or law-related private sector jobs. So if you decide you really want to be a screenwriter, too bad.
Even with LIPP, you can still be expected to pay a not-insignificant portion on your own. If you're making decent-but-not-biglaw money, you're still paying a fair amount towards your loans. say you make 80k, you're paying a thousand dollars a month to service your debt. That's not nothing.
To sarah's earlier point, seems like 10% is quite aggressive. This is why I'm going into law and not finance. At 5%, you're still looking at over a mil, though.
Correct me if I'm wrong on LIPP, that's my understanding from the materials I've seen.http://www.law.harvard.edu/current/sfs/lipp/participant-contributions/scale.html