Scholarship Updated: Georgetown $$ vs Michigan $

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Michigan $ vs Georgetown $$

Georgetown (=15k cheaper than Michigan over course of 3 years)
8
22%
Michigan
28
78%
 
Total votes: 36

molomloch
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Scholarship Updated: Georgetown $$ vs Michigan $

Postby molomloch » Wed May 04, 2011 9:47 am

I'm leaning towards Michigan (cause having a job rocks!), but I'd save15k over the course of 3 years going to Georgetown...

adt231
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Re: Scholarship Updated: Georgetown $$ vs Michigan $

Postby adt231 » Wed May 04, 2011 9:49 am

molomloch wrote:I'm leaning towards Michigan (cause having a job rocks!), but I'd save15k over the course of 3 years going to Georgetown...


That would not be enough to deter me from going to Michigan in this case.

molomloch
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Re: Scholarship Updated: Georgetown $$ vs Michigan $

Postby molomloch » Wed May 04, 2011 9:51 am

15k is the price of a very, very cheap car though! (plus if you factor in interest it's more like 25k!)

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AreJay711
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Re: Scholarship Updated: Georgetown $$ vs Michigan $

Postby AreJay711 » Wed May 04, 2011 10:01 am

I think it is a tough decison because you have a slightly better chance of paying off your loans at Michigan (I'm just guessing they are still significant). It depends if 15K is worth a 4% spread in employment. I'd also look at LRAPs at both schools bc many schools are changing them to take advantage of IBR so they will even cover interest above your payment in the private sector. Michigan does that now -- I'm unsure of Georgetown -- but I think other schools are looking into it and may make changes.

Edit: Essentially, you are betting 15K even money on the 96% of the time that Georgetown grads will get a job when a Michigan grad gets one. That's not a bad bet really.
Last edited by AreJay711 on Wed May 04, 2011 10:04 am, edited 1 time in total.

molomloch
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Re: Scholarship Updated: Georgetown $$ vs Michigan $

Postby molomloch » Wed May 04, 2011 10:04 am

That's basically my question: is 15k less in debt worth a small, but significant difference in employment...

bfaiken
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Re: Scholarship Updated: Georgetown $$ vs Michigan $

Postby bfaiken » Wed May 04, 2011 10:09 am

molomloch wrote:I'm leaning towards Michigan (cause having a job rocks!), but I'd save15k over the course of 3 years going to Georgetown...

Just to be sure...are you factoring in cost of living as well?

molomloch
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Re: Scholarship Updated: Georgetown $$ vs Michigan $

Postby molomloch » Wed May 04, 2011 10:12 am

I'm going off their COA's, and estimating a 4% COA increase each year I attend at both schools. The scholarship at Georgetown is 7.5k bigger than Michigan, where I'm out of state.

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jonillson
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Re: Scholarship Updated: Georgetown $$ vs Michigan $

Postby jonillson » Wed May 04, 2011 10:13 am

molomloch wrote:15k is the price of a very, very cheap car though! (plus if you factor in interest it's more like 25k!)


i know that perspective is often lacking on these boards, but i can't help but point out that one can buy a rather nice car for $15k.

in any case, go to michigan. this is a no brainer.

molomloch
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Re: Scholarship Updated: Georgetown $$ vs Michigan $

Postby molomloch » Wed May 04, 2011 10:16 am

Is it really a no brainer? 'Cause that's what I'm hoping to hear, but again, I'm considering the 15k in savings to be 25k (assuming roughly 7% APR over 10 years).

Also: It's a decent, new car, but nothing fancy, not sure if I'd say "rather nice". Then again, I'm in no position to talk, as I'm driving a 15 year old Ford Escort...

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AreJay711
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Re: Scholarship Updated: Georgetown $$ vs Michigan $

Postby AreJay711 » Wed May 04, 2011 10:19 am

molomloch wrote:That's basically my question: is 15k less in debt worth a small, but significant difference in employment...


I think this depends on total cost. If Gtown still costs around 100K or more then I think you should got to Michigan becuause being unemployed or employed in a non-legal job will really screw you. 25K over 10 years will not.

adt231
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Re: Scholarship Updated: Georgetown $$ vs Michigan $

Postby adt231 » Wed May 04, 2011 10:20 am

molomloch wrote:Is it really a no brainer? 'Cause that's what I'm hoping to hear, but again, I'm considering the 15k in savings to be 25k (assuming roughly 7% APR over 10 years).

Also: It's a decent, new car, but nothing fancy, not sure if I'd say "rather nice". Then again, I'm in no position to talk, as I'm driving a 15 year old Ford Escort...


Yes, 25k is no joke but Michigan will simply open more doors for you. And if it does not open more doors for you, it will make it easier to walk through the same doors that GULC opens. How many more doors or how much easier will it be to walk through those doors? Not sure. But, to me, the potential pay off is worth it.

Would you be crazy to turn down Michigan and head to GULC? Not at all. So, it's not going to be that clear-cut. But, I do think that Michigan is the clear winner here.

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yngblkgifted
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Re: Scholarship Updated: Georgetown $$ vs Michigan $

Postby yngblkgifted » Wed May 04, 2011 10:22 am

Michigan. /thread.

adt231
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Re: Scholarship Updated: Georgetown $$ vs Michigan $

Postby adt231 » Wed May 04, 2011 10:24 am

AreJay711 wrote:
molomloch wrote:That's basically my question: is 15k less in debt worth a small, but significant difference in employment...


I think this depends on total cost. If Gtown still costs around 100K or more then I think you should got to Michigan becuause being unemployed or employed in a non-legal job will really screw you. 25K over 10 years will not.


While I understand the motivation here (I, agree that when there is a 15k amount of difference in debt when the totals are below 50, 100, or 200, the same 15k can be more or less of a factor), but in this case I don't think it matters if the OP is going to be in 25k v 0k, 50k vs 75k, 75k vs 100k, 100k vs 125k, 175k vs 200k, etc. (assuming the 15k actually turns into 25k over time due to interest). To me, I do not see some of those situations and think, okay it changes if it the debt is this much versus this much. Thus, I do not think that it depends on total cost for the OP's scenario.

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AreJay711
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Re: Scholarship Updated: Georgetown $$ vs Michigan $

Postby AreJay711 » Wed May 04, 2011 10:34 am

adt231 wrote:
AreJay711 wrote:
molomloch wrote:That's basically my question: is 15k less in debt worth a small, but significant difference in employment...


I think this depends on total cost. If Gtown still costs around 100K or more then I think you should got to Michigan becuause being unemployed or employed in a non-legal job will really screw you. 25K over 10 years will not.


While I understand the motivation here (I, agree that when there is a 15k amount of difference in debt when the totals are below 50, 100, or 200, the same 15k can be more or less of a factor), but in this case I don't think it matters if the OP is going to be in 25k v 0k, 50k vs 75k, 75k vs 100k, 100k vs 125k, 175k vs 200k, etc. (assuming the 15k actually turns into 25k over time due to interest). To me, I do not see some of those situations and think, okay it changes if it the debt is this much versus this much. Thus, I do not think that it depends on total cost for the OP's scenario.

Well what I was pointing out is that with 50K vs 75K (to take a middle figure) the op could likely make the payments with any job. Working as a dept store manager for $15 and hour can pay that off and hopefully you at least have that much pull as a Georgetown law grad. When you know you have your bases covered and you know you can pay your, then you can look at the what the best case scenario is and Gtown has that since the OP will effectively make 2.5K more a year for 10 years with the same job. Maybe that shouldn't really change the Op's decision since Michigan also places more into biglaw but I think it makes a stronger case for Gtown and a very good one if the OP wants to work in PA or south.

molomloch
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Re: Scholarship Updated: Georgetown $$ vs Michigan $

Postby molomloch » Wed May 04, 2011 10:40 am

The total cost, and yes I am making up numbers is like 150 vs 165...So yeah..I suck...

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AreJay711
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Re: Scholarship Updated: Georgetown $$ vs Michigan $

Postby AreJay711 » Wed May 04, 2011 11:08 am

molomloch wrote:The total cost, and yes I am making up numbers is like 150 vs 165...So yeah..I suck...

Ehh most people wouldn't get into those schools let alone get $. I think you have to go Michigan since it provides the best opportunity to pay back your loans quickly and comfortably.

fingersxd
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Re: Scholarship Updated: Georgetown $$ vs Michigan $

Postby fingersxd » Wed May 04, 2011 11:09 am

Michigan ... UNLESS, you can squeeze more $ out of GULC. 15k may not make a difference but I think 20-25 adds some weight in GULCs favor if you can get it. (#'s before interest)

Also since GULC places so much more in Govt/PI, I don't think the different in biglaw opportunities is as drastic as many people make it out to be. Michigan's jump in the rankings this year is giving it a boost in love on TLS, but having worked in both a firm and in-house, I can say that the differnce is negligible. Grades are what matter! (Top 5-10% at GULC is better than top 15-20% at Michigan...and so forth).

Yes, all things equal Michigan>GULC, but you should go wherever you will be happiest. There is a huge difference in QoL between DC and Ann Arbor. Visit and decide that may.

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Law Sauce
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Re: Scholarship Updated: Georgetown $$ vs Michigan $

Postby Law Sauce » Wed May 04, 2011 11:12 am

Go to the one you like better.

03121202698008
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Re: Scholarship Updated: Georgetown $$ vs Michigan $

Postby 03121202698008 » Wed May 04, 2011 11:13 am

fingersxd wrote:Michigan ... UNLESS, you can squeeze more $ out of GULC. 15k may not make a difference but I think 20-25 adds some weight in GULCs favor if you can get it. (#'s before interest)

Also since GULC places so much more in Govt/PI, I don't think the different in biglaw opportunities is as drastic as many people make it out to be. Michigan's jump in the rankings this year is giving it a boost in love on TLS, but having worked in both a firm and in-house, I can say that the differnce is negligible. Grades are what matter! (Top 5-10% at GULC is better than top 15-20% at Michigan...and so forth).

Yes, all things equal Michigan>GULC, but you should go wherever you will be happiest. There is a huge difference in QoL between DC and Ann Arbor. Visit and decide that may.


Michigan places a huge percentage of the class in PI and in secondary markets. If anything, this skews the employment numbers making G-town look better than it is in comparison.

molomloch
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Re: Scholarship Updated: Georgetown $$ vs Michigan $

Postby molomloch » Wed May 04, 2011 11:16 am

Top law schools all seem to attract the PI-types.

Ann Arbor is "nice", and D.C. is a big city. I personally am more down with the big city thing. That said, I'd rather live in a big city as a working professional with a job / money, etc.

Also I'm from California and kind of hope to get a job in Bay Area big law after graduation.

03121202698008
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Re: Scholarship Updated: Georgetown $$ vs Michigan $

Postby 03121202698008 » Wed May 04, 2011 11:22 am

molomloch wrote:Top law schools all seem to attract the PI-types.

Ann Arbor is "nice", and D.C. is a big city. I personally am more down with the big city thing. That said, I'd rather live in a big city as a working professional with a job / money, etc.

Also I'm from California and kind of hope to get a job in Bay Area big law after graduation.


Def Michigan then. G-town doesn't have a huge alumni base on the West coast.

molomloch
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Re: Scholarship Updated: Georgetown $$ vs Michigan $

Postby molomloch » Wed May 04, 2011 11:30 am

blowhard wrote:
molomloch wrote:Top law schools all seem to attract the PI-types.

Ann Arbor is "nice", and D.C. is a big city. I personally am more down with the big city thing. That said, I'd rather live in a big city as a working professional with a job / money, etc.

Also I'm from California and kind of hope to get a job in Bay Area big law after graduation.


Def Michigan then. G-town doesn't have a huge alumni base on the West coast.


Really? I was not aware of this!

03121202698008
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Re: Scholarship Updated: Georgetown $$ vs Michigan $

Postby 03121202698008 » Wed May 04, 2011 11:32 am

molomloch wrote:
blowhard wrote:
molomloch wrote:Top law schools all seem to attract the PI-types.

Ann Arbor is "nice", and D.C. is a big city. I personally am more down with the big city thing. That said, I'd rather live in a big city as a working professional with a job / money, etc.

Also I'm from California and kind of hope to get a job in Bay Area big law after graduation.


Def Michigan then. G-town doesn't have a huge alumni base on the West coast.


Really? I was not aware of this!


I mean, I wouldn't say there's none there or anything. But G-town doesn't focus on the West coast.

fingersxd
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Re: Scholarship Updated: Georgetown $$ vs Michigan $

Postby fingersxd » Wed May 04, 2011 11:53 am

blowhard wrote:
molomloch wrote:
blowhard wrote:
molomloch wrote:Top law schools all seem to attract the PI-types.

Ann Arbor is "nice", and D.C. is a big city. I personally am more down with the big city thing. That said, I'd rather live in a big city as a working professional with a job / money, etc.

Also I'm from California and kind of hope to get a job in Bay Area big law after graduation.


Def Michigan then. G-town doesn't have a huge alumni base on the West coast.


Really? I was not aware of this!


I mean, I wouldn't say there's none there or anything. But G-town doesn't focus on the West coast.


+1 ... GULC focuses on the east coast. BUT, don't forget it's a huge school with TONS of alumni (including the Bay Area). I'd say go to the website of the top 10-15 firms in the Bay Area you might consider and check out where the lawyers working there went. It's a surprisingly useful tool.

But I reiterate, at current $, take Michigan...if you can get more from GULC, I think that's your best bet.




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