I want to enter academia and ideally become a law professor. This has been my goal since 2007. I love research, presenting research, helping others with their research, and really enjoy teaching. I would value the chance to teach students in a subject they will be able to leverage into a good career. Obviously this last point is less true ITE, but everything is cyclical and law students and lawyers are a smart bunch. I have confidence the legal profession will find ways to weather the recession and emerge on the other side.
On to the choice between Columbia and UCLA with $$$. Clearly, Columbia wins in name and prestige, important factors in the academy. Columbia also has a much promoted careers in law teaching program, of which I could take full advantage. Honestly, if money was not an issue, I would choose Columbia.
My concern with choosing Columbia is the debt burden. I have not gotten any funding from Columbia, and nor do I anticipate such funding will be forthcoming. We all know debt limits choice. With my debt likely to be high, will my academic goals become unpractical? I have savings that would cover the equivalent my first year at Columbia, but will still need to take out significant loans. In the end I would be looking at $100K - $150K in debt.
Various members of the older legal set have pointed out I could work at a firm, live like a student, and use the money to pay down my debt in 1-2 years. But I am concerned they may be living in an older paradigm. I certainly do not want to count on a firm job ITE. And $150K is a lot to gamble.
While UCLA does not have the name of Columbia, it is a well regarded school and does offer opportunities in academia, especially in California.
I have been offered a generous scholarship from UCLA, so the UCLA route poses less financial risk. I would be able to focus on academic research and publishing and not need to be concerned about my financial situation. I would not have the options I could get with a degree from Columbia, but with no debt, I could consider augmenting my degree with an LLM (like Harvard if I could get it), or a PhD. 5-6 more years of school? I can hear the gasps now, but it is an option.
In summary, I am comfortable taking on some debt as an investment in my future, but taking on debt to the tune of $150K seems to border on indentured servitude. Furthermore, I am concerned such a debt burden will decrease my options. So. What do folks TLS think? Do the increased opportunities conferred by a degree from Columbia balance out the decreased opportunities resulting from massive debt?
I have been thinking about this decision a lot and will really appreciate any input. I am even looking forward to the potentially snarky comments that seem to pop up with regularity in these forums
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