Support Thread for the 6-figure debt plunge

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Hey-O
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Re: Support Thread for the 6-figure debt plunge

Postby Hey-O » Sat Mar 05, 2011 3:25 am

TheStrand wrote:To the guy who asked about Americorps members surviving on $20k a year (too lazy to go back and figure out who it was): they're encouraged to be on food stamps. Certain programs will also (rarely) allow you to get second jobs.

Fun fact: educational loans and scholarships do not count as income in the consideration for food stamp benefits...


This is nuts! I've lived comfortably off 20k a year. Very comfortably. Sometimes, it feels like people have too high living standards.

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glitched
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Re: Support Thread for the 6-figure debt plunge

Postby glitched » Sat Mar 05, 2011 5:01 am

anyone have a tl;dr version of this? so does a "bad" economy (which we are in and will be in for a few years at least until 2012-2014 when we OCI?) mean we should be minimizing debt or does that mean go to a school with highest big law chances at sticker? it seems that the same "fact" can be spun to argue either side... and i'm just so damn lost right now. lol 7 weeks and counting until deposits are due...

FiveSermon
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Re: Support Thread for the 6-figure debt plunge

Postby FiveSermon » Sat Mar 05, 2011 5:10 am

glitched wrote:anyone have a tl;dr version of this? so does a "bad" economy (which we are in and will be in for a few years at least until 2012-2014 when we OCI?) mean we should be minimizing debt or does that mean go to a school with highest big law chances at sticker? it seems that the same "fact" can be spun to argue either side... and i'm just so damn lost right now. lol 7 weeks and counting until deposits are due...


Depends what your best school at sticker is.

TheStrand
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Re: Support Thread for the 6-figure debt plunge

Postby TheStrand » Sat Mar 05, 2011 1:11 pm

Hey-O wrote:This is nuts! I've lived comfortably off 20k a year. Very comfortably. Sometimes, it feels like people have too high living standards.

Not to derail the thread but...depends on where you are really. Americorps members in NY make about 20k, but in Minneapolis they make less than 10k. It varies quite a bit depending on where you are and what program you're in. I am doubtful that anyone lives comfortably in NY on 20k, or 10k in MSP. Even removing luxuries like dining out, meat in your diet, or clothing, transportation costs, rent, and non-optional medical expenses are expensive. Plus, you don't really get to pick where you're going to end up and if you are coming straight out of college, you need to buy furniture, basic household stuff, and you need to move. Being frugal, furnishing your apartment will cost you $400 probably. A deposit on an apartment? At least another $400 in a low cost city, $800+ someplace else. It's not by any means high living.

*Edit* sorry, not 20k, more like 16k for NY

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Tolmanator
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Re: Support Thread for the 6-figure debt plunge

Postby Tolmanator » Sat Mar 05, 2011 1:47 pm

What if one is deciding between a full ride at a school like BC and sticker at Harvard (perhaps a small amount of need-based aid)? According to this, http://www.law.com/jsp/nlj/PubArticleNLJ.jsp?id=1202483173162&LAW_SCHOOLS_REPORT, NLJ 250 law firms hired about 50% of Harvard graduates and about 34% of BC graduates this past year. If your only goal is BigLaw, what are you guys thoughts on choosing between these two schools?

It would seem like if you could go to school for free, probably have a better chance at being in the top of your class, and only take a 16% hit in terms of BigLaw, that BC would seem a very tempting choice. Granted, if your goals are otherwise, Harvard probably looms as the best option.

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MTal
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Re: Support Thread for the 6-figure debt plunge

Postby MTal » Sat Mar 05, 2011 2:22 pm

Hey-O wrote:
TheStrand wrote:To the guy who asked about Americorps members surviving on $20k a year (too lazy to go back and figure out who it was): they're encouraged to be on food stamps. Certain programs will also (rarely) allow you to get second jobs.

Fun fact: educational loans and scholarships do not count as income in the consideration for food stamp benefits...


This is nuts! I've lived comfortably off 20k a year. Very comfortably. Sometimes, it feels like people have too high living standards.


You must live a very fun and exciting life in North Platte Nebraska.

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Malcolm8X
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Re: Support Thread for the 6-figure debt plunge

Postby Malcolm8X » Sat Mar 05, 2011 2:26 pm

Tolmanator wrote:What if one is deciding between a full ride at a school like BC and sticker at Harvard (perhaps a small amount of need-based aid)? According to this, http://www.law.com/jsp/nlj/PubArticleNLJ.jsp?id=1202483173162&LAW_SCHOOLS_REPORT, NLJ 250 law firms hired about 50% of Harvard graduates and about 34% of BC graduates this past year. If your only goal is BigLaw, what are you guys thoughts on choosing between these two schools?

It would seem like if you could go to school for free, probably have a better chance at being in the top of your class, and only take a 16% hit in terms of BigLaw, that BC would seem a very tempting choice. Granted, if your goals are otherwise, Harvard probably looms as the best option.


But it's Harvard... Harvard. Very tempting.. But I'd take Harvard. Doors are open, everywhere.

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powerlawyer06
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Re: Support Thread for the 6-figure debt plunge

Postby powerlawyer06 » Sat Mar 05, 2011 2:53 pm

Tolmanator wrote:What if one is deciding between a full ride at a school like BC and sticker at Harvard (perhaps a small amount of need-based aid)? According to this, http://www.law.com/jsp/nlj/PubArticleNLJ.jsp?id=1202483173162&LAW_SCHOOLS_REPORT, NLJ 250 law firms hired about 50% of Harvard graduates and about 34% of BC graduates this past year. If your only goal is BigLaw, what are you guys thoughts on choosing between these two schools?

It would seem like if you could go to school for free, probably have a better chance at being in the top of your class, and only take a 16% hit in terms of BigLaw, that BC would seem a very tempting choice. Granted, if your goals are otherwise, Harvard probably looms as the best option.


HYS have lower NLJ numbers because they have higher percentages of graduates that clerk after graduation. Clerkships can lead to big law or any number of positions. In fact, the best big law positions only look at applicants who have clerked. You can't compare Harvard's 50% to BC's 34%. If you included clerkships Harvard is somewhere around 60%+.

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Malcolm8X
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Re: Support Thread for the 6-figure debt plunge

Postby Malcolm8X » Sat Mar 05, 2011 2:56 pm

powerlawyer06 wrote:
Tolmanator wrote:What if one is deciding between a full ride at a school like BC and sticker at Harvard (perhaps a small amount of need-based aid)? According to this, http://www.law.com/jsp/nlj/PubArticleNLJ.jsp?id=1202483173162&LAW_SCHOOLS_REPORT, NLJ 250 law firms hired about 50% of Harvard graduates and about 34% of BC graduates this past year. If your only goal is BigLaw, what are you guys thoughts on choosing between these two schools?

It would seem like if you could go to school for free, probably have a better chance at being in the top of your class, and only take a 16% hit in terms of BigLaw, that BC would seem a very tempting choice. Granted, if your goals are otherwise, Harvard probably looms as the best option.


HYS have lower NLJ numbers because they have higher percentages of graduates that clerk after graduation. Clerkships can lead to big law or any number of positions. In fact, the best big law positions only look at applicants who have clerked. You can't compare Harvard's 50% to BC's 34%. If you included clerkships Harvard is somewhere around 60%+.


Yes, plus their students just have way more options. Politics, wider PI options, academia, investment banking, etc...

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glitched
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Re: Support Thread for the 6-figure debt plunge

Postby glitched » Sat Mar 05, 2011 3:15 pm

powerlawyer06 wrote:
Tolmanator wrote:What if one is deciding between a full ride at a school like BC and sticker at Harvard (perhaps a small amount of need-based aid)? According to this, http://www.law.com/jsp/nlj/PubArticleNLJ.jsp?id=1202483173162&LAW_SCHOOLS_REPORT, NLJ 250 law firms hired about 50% of Harvard graduates and about 34% of BC graduates this past year. If your only goal is BigLaw, what are you guys thoughts on choosing between these two schools?

It would seem like if you could go to school for free, probably have a better chance at being in the top of your class, and only take a 16% hit in terms of BigLaw, that BC would seem a very tempting choice. Granted, if your goals are otherwise, Harvard probably looms as the best option.


HYS have lower NLJ numbers because they have higher percentages of graduates that clerk after graduation. Clerkships can lead to big law or any number of positions. In fact, the best big law positions only look at applicants who have clerked. You can't compare Harvard's 50% to BC's 34%. If you included clerkships Harvard is somewhere around 60%+.



won't the same argument run for say.... Uchi and UCLA? lol

FiveSermon
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Re: Support Thread for the 6-figure debt plunge

Postby FiveSermon » Sat Mar 05, 2011 3:23 pm

glitched wrote:
powerlawyer06 wrote:
Tolmanator wrote:What if one is deciding between a full ride at a school like BC and sticker at Harvard (perhaps a small amount of need-based aid)? According to this, http://www.law.com/jsp/nlj/PubArticleNLJ.jsp?id=1202483173162&LAW_SCHOOLS_REPORT, NLJ 250 law firms hired about 50% of Harvard graduates and about 34% of BC graduates this past year. If your only goal is BigLaw, what are you guys thoughts on choosing between these two schools?

It would seem like if you could go to school for free, probably have a better chance at being in the top of your class, and only take a 16% hit in terms of BigLaw, that BC would seem a very tempting choice. Granted, if your goals are otherwise, Harvard probably looms as the best option.


HYS have lower NLJ numbers because they have higher percentages of graduates that clerk after graduation. Clerkships can lead to big law or any number of positions. In fact, the best big law positions only look at applicants who have clerked. You can't compare Harvard's 50% to BC's 34%. If you included clerkships Harvard is somewhere around 60%+.



won't the same argument run for say.... Uchi and UCLA? lol


Yeah but people from HYS self select out. They do stuff like try and become president.

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glitched
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Re: Support Thread for the 6-figure debt plunge

Postby glitched » Sat Mar 05, 2011 3:28 pm

FiveSermon wrote:Yeah but people from HYS self select out. They do stuff like try and become president.


being president is so overrated. trust me bro - i know from first hand experience.


but so are we saying that people at Chi don't self-select out? we need more data! MORE DATA!

FiveSermon
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Re: Support Thread for the 6-figure debt plunge

Postby FiveSermon » Sat Mar 05, 2011 3:32 pm

glitched wrote:
FiveSermon wrote:Yeah but people from HYS self select out. They do stuff like try and become president.


being president is so overrated. trust me bro - i know from first hand experience.


but so are we saying that people at Chi don't self-select out? we need more data! MORE DATA!


They probably do but HYS opens up much more doors imo.

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glitched
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Re: Support Thread for the 6-figure debt plunge

Postby glitched » Sat Mar 05, 2011 10:36 pm

i know i shouldn't be banking on this (and i really am not banking on this), but do you ever get a scholarship offer for your 2L or 3L if you are at the top?

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Helmholtz
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Re: Support Thread for the 6-figure debt plunge

Postby Helmholtz » Sat Mar 05, 2011 10:38 pm

glitched wrote:i know i shouldn't be banking on this (and i really am not banking on this), but do you ever get a scholarship offer for your 2L or 3L if you are at the top?


I've heard of this happening for people who have presented it to the school as a "give me more money or I'm transferring up" thing. There has been some success with it, but like you said, it's nothing that you can bank on, because essentially you would be banking on good enough grades to warrant a substantial transfer up.

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powerlawyer06
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Re: Support Thread for the 6-figure debt plunge

Postby powerlawyer06 » Sat Mar 05, 2011 10:58 pm

glitched wrote:i know i shouldn't be banking on this (and i really am not banking on this), but do you ever get a scholarship offer for your 2L or 3L if you are at the top?


I have anecdotal evidence of this being true…

I have a very good friend who was top one percent at my local state school (he may have actually been ranked #1 but I am not sure) after 1st year. He looked into transferring to HYS and was accepted to H and S. Somehow the administration at my local state school got wind of his plans and they immediately called him in for a meeting where they offered him a full scholarship plus a stipend if he stayed and did some research position.

So it definitely happens but I don’t think it is an automatic thing.

P.S. My friend transferred anyway and is very happy at his new school.

Edit: The state school is a T50 if that makes a difference.

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LLB2JD
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Re: Support Thread for the 6-figure debt plunge

Postby LLB2JD » Sun Mar 06, 2011 1:05 pm

glitched wrote:
FiveSermon wrote:Yeah but people from HYS self select out. They do stuff like try and become president.


being president is so overrated. trust me bro - i know from first hand experience.


but so are we saying that people at Chi don't self-select out? we need more data! MORE DATA!



:shock: Who are you?

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northwood
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Re: Support Thread for the 6-figure debt plunge

Postby northwood » Sun Mar 06, 2011 1:09 pm

signing up- my total debt from undergrad and law school will be 108k.

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Malcolm8X
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Re: Support Thread for the 6-figure debt plunge

Postby Malcolm8X » Sun Mar 06, 2011 4:54 pm

northwood wrote:signing up- my total debt from undergrad and law school will be 108k.


LOL!! You'll be fine with 108K debt. ~$1000/mo. Maybe we should have a separate thread that goes "Support Thread for the 6-figure debt plunge on the brink of 200K".

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glitched
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Re: Support Thread for the 6-figure debt plunge

Postby glitched » Sun Mar 06, 2011 6:03 pm

northwood wrote:signing up- my total debt from undergrad and law school will be 108k.


100k debt is my "taking scholarship" option. loll


but on a more relevant note, I think i'm going to take the financial risk and go into 200k+ of debt. Someone console me. maybe i should email posner and ask him if it's a sound financial idea.

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LLB2JD
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Re: Support Thread for the 6-figure debt plunge

Postby LLB2JD » Sun Mar 06, 2011 7:16 pm

glitched wrote:
northwood wrote:signing up- my total debt from undergrad and law school will be 108k.


100k debt is my "taking scholarship" option. loll


but on a more relevant note, I think i'm going to take the financial risk and go into 200k+ of debt. Someone console me. maybe i should email posner and ask him if it's a sound financial idea.



Retaking the LSAT to aim for a 176 is pushing it. I personally believe that once you are able to hit a 170, usually one of the things that could stop you from scoring a perfect 180 are things beyond your control. A ridiculously confusing logic game, some crazy test-taker in your room making tapping or distracting noises e.t.c. You have good choices though. congrats

reddituser
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Re: Support Thread for the 6-figure debt plunge

Postby reddituser » Mon Mar 07, 2011 1:22 am

MTal wrote:
Hey-O wrote:
TheStrand wrote:To the guy who asked about Americorps members surviving on $20k a year (too lazy to go back and figure out who it was): they're encouraged to be on food stamps. Certain programs will also (rarely) allow you to get second jobs.

Fun fact: educational loans and scholarships do not count as income in the consideration for food stamp benefits...


This is nuts! I've lived comfortably off 20k a year. Very comfortably. Sometimes, it feels like people have too high living standards.


You must live a very fun and exciting life in North Platte Nebraska.


I live comfortably off of 22k americorps living stipend and some trading income (not much) i don't qualify for food stamps either. This is in hawaii, the most expensive place on the earth

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harrijust86
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Re: Support Thread for the 6-figure debt plunge

Postby harrijust86 » Mon Mar 07, 2011 1:43 am

This thread scares me to death. I already have insane debt from undergrad, but it wouldnt even be half what I can expect to tack on for law school. (we're talking upwards of 200k total) It just seems so illogical, but for some reason I really want to do it. Somebody slap me.

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glitched
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Re: Support Thread for the 6-figure debt plunge

Postby glitched » Mon Mar 07, 2011 2:59 am

loll most, if not all, 0Ls I talk to say take the higher ranked, higher placing school at sticker.

all the practicing attorney's i talk to say take the money.

most people out of undergrad for a few years say to take the money.

most people in the legal employment thread say to take the money.

i think i might take the money.

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Arbiter213
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Re: Support Thread for the 6-figure debt plunge

Postby Arbiter213 » Mon Mar 07, 2011 3:27 am

glitched wrote:loll most, if not all, 0Ls I talk to say take the higher ranked, higher placing school at sticker.

all the practicing attorney's i talk to say take the money.

most people out of undergrad for a few years say to take the money.

most people in the legal employment thread say to take the money.

i think i might take the money.


I'm seriously considering it too after reading this thread.

Definitely gonna send Wash U an email trying to squeeze more money.




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