Richmond vs. Maryland

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RedThree
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Richmond vs. Maryland

Postby RedThree » Thu Apr 14, 2011 6:58 pm

Hey all,

I'd more or less decided to hand over my seat deposit to Richmond when I received an acceptance letter from University of Maryland's Law School. I don't know much about it, except that it is higher ranked and will cost me $90,000 more over the course of three years, due out of state tuition, the money that UR is willing to give me, and so on.

UR: $106,000
UMD: $194,000

What do you guys think? Is there a higher potential for well-paying jobs coming out of MD as opposed to UR? And if so, is it worth the jump in price?

Also, I intend to visit MD sometime this weekend. If anyone knows what it's like going there, any opinions would be greatly appreciated.

Thanks!

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AreJay711
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Re: Richmond vs. Maryland

Postby AreJay711 » Thu Apr 14, 2011 7:20 pm

Well the COA of MD is way overstated. You can find a 1 bedroom appartment in a good part of town for well under $1000 a month and can save money by splitting the cost. The real coa is probably more like 18K a year if you live like a normal person so the total cost would be aroung 160K.

UMD Law has a great reputation in the state that I'm not sure Richmond does being the 4th 5th best school in VA. I'm not saying you should go to UMD at 160K but it is probably better than Richmond at 100K.
Last edited by AreJay711 on Thu Apr 14, 2011 8:07 pm, edited 1 time in total.

RedThree
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Re: Richmond vs. Maryland

Postby RedThree » Thu Apr 14, 2011 7:28 pm

Thanks for the advice. I'd been wondering about MD's estimates, they seemed high, good to hear that that's the case.

Another question for you or anyone else would be this: I think I'd like to work in Virginia, would a UMD degree be looked at positively outside of Maryland/DC?

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uzpakalis
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Re: Richmond vs. Maryland

Postby uzpakalis » Thu Apr 14, 2011 9:03 pm

Holy jeebus, 190k! You're joking right? Are you seriously considering taking out a loan that huge for a less than 10 percent chance of landing a job that will afford you the ability to possibly pay that off within a reasonable amount of time? Wow, I simply could not imagine taking out a loan that big for anything other than a house. Wow!

HeavenWood
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Re: Richmond vs. Maryland

Postby HeavenWood » Thu Apr 14, 2011 10:33 pm

uzpakalis wrote:Holy jeebus, 190k! You're joking right? Are you seriously considering taking out a loan that huge for a less than 10 percent chance of landing a job that will afford you the ability to possibly pay that off within a reasonable amount of time? Wow, I simply could not imagine taking out a loan that big for anything other than a house. Wow!


Restated without the dramatics:

Even 160k is a lot of money to be paying for UMD. 106k for Richmond probably isn't the greatest investment either. Have you thought of retaking (you can also use the year off to establish residency in Maryland if you really want to go there)?

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uzpakalis
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Re: Richmond vs. Maryland

Postby uzpakalis » Thu Apr 14, 2011 11:06 pm

HeavenWood wrote:
uzpakalis wrote:Holy jeebus, 190k! You're joking right? Are you seriously considering taking out a loan that huge for a less than 10 percent chance of landing a job that will afford you the ability to possibly pay that off within a reasonable amount of time? Wow, I simply could not imagine taking out a loan that big for anything other than a house. Wow!


Restated without the dramatics:

Even 160k is a lot of money to be paying for UMD. 106k for Richmond probably isn't the greatest investment either. Have you thought of retaking (you can also use the year off to establish residency in Maryland if you really want to go there)?


Sorry if I was too dramatic. A 190k loan spread out over ten years at the standard interest rate = 260k (around 2200 a month, 26k a year).

HeavenWood
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Re: Richmond vs. Maryland

Postby HeavenWood » Thu Apr 14, 2011 11:07 pm

uzpakalis wrote:
HeavenWood wrote:
uzpakalis wrote:Holy jeebus, 190k! You're joking right? Are you seriously considering taking out a loan that huge for a less than 10 percent chance of landing a job that will afford you the ability to possibly pay that off within a reasonable amount of time? Wow, I simply could not imagine taking out a loan that big for anything other than a house. Wow!


Restated without the dramatics:

Even 160k is a lot of money to be paying for UMD. 106k for Richmond probably isn't the greatest investment either. Have you thought of retaking (you can also use the year off to establish residency in Maryland if you really want to go there)?


Sorry if I was too dramatic. A 190k loan spread out over ten years at the standard interest rate = 260k (around 2200 a month, 26k a year).


I agree it's insane.

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AreJay711
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Re: Richmond vs. Maryland

Postby AreJay711 » Thu Apr 14, 2011 11:15 pm

Getting residency in MD could only be a good thing. It would cut the costs down a good deal and you could shoot for a scholarship but they are a little tight with money from what I hear (but resident tuition is only 25k a year). It is tricky because UMD has a small class so there is a good chance you will get a job in the state but there aren't many biglaw jobs where you could afford to pay off your debt quickly.

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uzpakalis
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Re: Richmond vs. Maryland

Postby uzpakalis » Thu Apr 14, 2011 11:23 pm

This is off topic, but in-state tuition at Ole Miss Law School is 10.5k a year. That is a damn steal, Ole Miss is no slouch.

RedThree
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Re: Richmond vs. Maryland

Postby RedThree » Thu Apr 14, 2011 11:26 pm

I appreciate the honesty, regardless of drama factor. I'm coming straight out of undergrad, it's safe to say I haven't had to deal with the real world yet. I'm only considering it because I'll have no loans for my current school.

I hadn't considered taking a year off because I don't know what I'd do with it, frankly. I'm a Philosophy and English double-major. I was also accepted to Temple and Villanova, neither of which were particularly cost-effective either, should I be reconsidering those?

HeavenWood
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Re: Richmond vs. Maryland

Postby HeavenWood » Thu Apr 14, 2011 11:27 pm

RedThree wrote:I appreciate the honesty, regardless of drama factor. I'm coming straight out of undergrad, it's safe to say I haven't had to deal with the real world yet. I'm only considering it because I'll have no loans for my current school.

I hadn't considered taking a year off because I don't know what I'd do with it, frankly. I'm a Philosophy and English double-major. I was also accepted to Temple and Villanova, neither of which were particularly cost-effective either, should I be reconsidering those?


Unless you have PA state residency or got a good scholly to Villanova, probably not. Temple/Villanova/UMD are peer schools, placement-wise. Neither is worth 160k in debt.

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uzpakalis
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Re: Richmond vs. Maryland

Postby uzpakalis » Thu Apr 14, 2011 11:31 pm

What is your GPA/LSAT? I don't think there is anything 'wrong' with any of those schools if you can attend at a much lower cost. I think you need to plan on getting like a 60k salary upon graduation. I'm not saying you won't make more (or less), but if you can't service your debt on that rough estimate, you may want to reconsider.

There is nothing wrong with taking a year off, or a couple, and getting out into the 'real world'. Work, wait tables if you have to, volunteer, study for the LSAT and kill it next time. Learn what it feels like to have to pay bills...every month. You'll really be able to appreciate how much of a burden 2200 a month would be. In fact, it would be an impossibility on a 60k salary.

RedThree
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Re: Richmond vs. Maryland

Postby RedThree » Thu Apr 14, 2011 11:34 pm

All right.

So here then is the long odds. I'm on the wait-list at William and Mary. I've never heard of anyone getting off of any wait-list, so I'm really skeptical. I was planning on driving down to visit the school and handing in my letter of continuing intent. They've been my first pick forever, but I don't know if it's something to hold my breath over. Do people actually get off of wait lists?

My GPA is a 3.27, and my LSAT is a 162. Not pretty, I know, I think my personal statement and work experience are the only reason I got in anywhere.

HeavenWood
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Re: Richmond vs. Maryland

Postby HeavenWood » Thu Apr 14, 2011 11:38 pm

RedThree wrote:All right.

So here then is the long odds. I'm on the wait-list at William and Mary. I've never heard of anyone getting off of any wait-list, so I'm really skeptical. I was planning on driving down to visit the school and handing in my letter of continuing intent. They've been my first pick forever, but I don't know if it's something to hold my breath over. Do people actually get off of wait lists?

My GPA is a 3.27, and my LSAT is a 162. Not pretty, I know, I think my personal statement and work experience are the only reason I got in anywhere.


Getting into Temple/Villanova/Maryland is reasonable with your numbers (not to discount your soft factors). They don't have "hard" medians like a lot of higher-ranked schools (and your LSAT score is at/above their standards anyway, with your GPA not too far below median).

Is a retake out of the question?

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uzpakalis
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Re: Richmond vs. Maryland

Postby uzpakalis » Thu Apr 14, 2011 11:40 pm

RedThree wrote:All right.

So here then is the long odds. I'm on the wait-list at William and Mary. I've never heard of anyone getting off of any wait-list, so I'm really skeptical. I was planning on driving down to visit the school and handing in my letter of continuing intent. They've been my first pick forever, but I don't know if it's something to hold my breath over. Do people actually get off of wait lists?

My GPA is a 3.27, and my LSAT is a 162. Not pretty, I know, I think my personal statement and work experience are the only reason I got in anywhere.


I flew out to two schools that I was waitlisted at. I set up meeting with the dean of admissions. Needless to say I was not accepted at either school. I can't say that making a personal appearance couldn't help, but I would not count on it.

There is nothing you can do about your GPA, except distance yourself from it by taking a number of years off. I assume you don't want to do that. So, why not try for a retake? As silly as it sounds, there is a huge difference between 166 and a 162. 166 will give you MUCH better options, and significant money from Richmond (if that would still be in the running).

RedThree
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Re: Richmond vs. Maryland

Postby RedThree » Thu Apr 14, 2011 11:45 pm

Hmm, well you guys have given me a lot to think about. I'd have to go home for a year, which shouldn't be a problem. I scored higher on the lsat than I did on my practice exams, but I do feel like I could do better now that I'm not as afraid of it.

I mean, it's a possibility. What would I do for a year though? English/Philosophy major? I don't know what I could do that would help my resume, everything has been building up to going to law school.

RedThree
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Re: Richmond vs. Maryland

Postby RedThree » Thu Apr 14, 2011 11:48 pm

Richmond has already offered me a fair bit of money off of tuition, 15 off of 35 a year. Could I get more? I mean that seemed like a pretty good deal at the time.

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uzpakalis
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Re: Richmond vs. Maryland

Postby uzpakalis » Thu Apr 14, 2011 11:51 pm

All I can say is that if I was you, I'd take a year off. Find a decent job, no it won't be a baller job, but something is better than nothing. Save some money, study for the LSAT, volunteer, etc. Scour these boards for information (there is a ton)! Apply early and win. Good luck.

RedThree
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Re: Richmond vs. Maryland

Postby RedThree » Thu Apr 14, 2011 11:57 pm

Thanks for the advice, man. In the meantime I'm going to keep praying W&M changes their mind.




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