The "I chose the larger scholarship over higher rank" club

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Exeter
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The "I chose the larger scholarship over higher rank" club

Postby Exeter » Sun May 29, 2011 4:09 pm

Chose a T-40 with a near full ride (no debt all expenses paid courtesy of parents) over $$ at a T25, $$$ at a T25 and $$ T-30.

Anyone else out there sweating their decision? or am I all alone.

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enron123
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Re: The "I chose the larger scholarship over higher rank" club

Postby enron123 » Mon May 30, 2011 10:57 am

Why sweat it? Sound decision might be more disconcerted if turning down T14

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cinephile
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Re: The "I chose the larger scholarship over higher rank" club

Postby cinephile » Mon May 30, 2011 11:04 am

If you want to stay in the region, it sounds like a great decision!

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krasivaya
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Re: The "I chose the larger scholarship over higher rank" club

Postby krasivaya » Mon May 30, 2011 11:23 am

I'd say this only counts if you turn down a t14.

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Cavalier
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Re: The "I chose the larger scholarship over higher rank" club

Postby Cavalier » Mon May 30, 2011 11:28 am

I don't know why you'd sweat it. Sure, odds are you won't get big law when you graduate, but you won't need big law to live a comfortable life if you're graduating with little debt.

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whitman
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Re: The "I chose the larger scholarship over higher rank" club

Postby whitman » Mon May 30, 2011 1:16 pm

Turned down 5 T14s for $$ at Vandy.

Exeter
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Re: The "I chose the larger scholarship over higher rank" club

Postby Exeter » Tue May 31, 2011 11:03 am

True, I just did not want to end up with 35-50K in debt with no biglaw as the economy sucks and my T40 places close to on par with the other schools in terms of NLJP250 placement. I just planned to go to the highest ranked school throughout the entire process.

bubbletea
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Re: The "I chose the larger scholarship over higher rank" club

Postby bubbletea » Tue May 31, 2011 11:23 am

What are the names of the schools in question? I'm about to make a similar decision (choosing money over rank), but am having trouble choosing bc I don't have a preferred future region!

dakatz
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Re: The "I chose the larger scholarship over higher rank" club

Postby dakatz » Tue May 31, 2011 11:24 am

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Last edited by dakatz on Thu Jun 23, 2011 11:01 am, edited 1 time in total.

bubbletea
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Re: The "I chose the larger scholarship over higher rank" club

Postby bubbletea » Tue May 31, 2011 11:27 am

What T25 school did you end up at/do you want to practice in that region? I agree that taking on 100K of debt is risky--glad to hear you are happy with your decision! :)

Emma1
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Re: The "I chose the larger scholarship over higher rank" club

Postby Emma1 » Wed Jun 22, 2011 11:58 pm

Any more recent picks for scholarship?

blsingindisguise
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Re: The "I chose the larger scholarship over higher rank" club

Postby blsingindisguise » Thu Jun 23, 2011 12:09 am

Cavalier wrote:I don't know why you'd sweat it. Sure, odds are you won't get big law when you graduate, but you won't need big law to live a comfortable life if you're graduating with little debt.


This. My high five-figure salary with zero debt is basically going to afford me about the same lifestyle as a biglaw associate with $150-200K debt, and I'll be working less. Plus the biglaw associate most likely won't last in biglaw.

protein
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Re: The "I chose the larger scholarship over higher rank" club

Postby protein » Thu Jun 23, 2011 1:23 am

blsingindisguise wrote:
Cavalier wrote:I don't know why you'd sweat it. Sure, odds are you won't get big law when you graduate, but you won't need big law to live a comfortable life if you're graduating with little debt.


This. My high five-figure salary with zero debt is basically going to afford me about the same lifestyle as a biglaw associate with $150-200K debt, and I'll be working less. Plus the biglaw associate most likely won't last in biglaw.


how do you figure that?

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TheBigMediocre
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Re: The "I chose the larger scholarship over higher rank" club

Postby TheBigMediocre » Thu Jun 23, 2011 1:26 am

I just finished 1L, but I was in yalls shoes last year. Decided to take $$$ at UGA over Vandy.

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PDaddy
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Re: The "I chose the larger scholarship over higher rank" club

Postby PDaddy » Thu Jun 23, 2011 1:37 am

whitman wrote:Turned down 5 T14s for $$ at Vandy.



That's not even a risk. That's just really sound decision-making, as Vandy is essentially indistinguishable in prestige from the lower T-14. In my mind, it could easily be ranked much higher than #15 or whatever.

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PDaddy
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Re: The "I chose the larger scholarship over higher rank" club

Postby PDaddy » Thu Jun 23, 2011 1:37 am

TheBigMediocre wrote:I just finished 1L, but I was in yalls shoes last year. Decided to take $$$ at UGA over Vandy.


Very good decision if you're looking at working in Atlanta. UGA does nearly as well in that market.

miracle2011
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Re: The "I chose the larger scholarship over higher rank" club

Postby miracle2011 » Thu Jun 23, 2011 2:11 am

I also picked scholarship over rankings. Berkeley Law with $$$ over T6 wait lists and Penn/Michigan.

shoeshine
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Re: The "I chose the larger scholarship over higher rank" club

Postby shoeshine » Thu Jun 23, 2011 2:45 am

krasivaya wrote:I'd say this only counts if you turn down a t14.

shoeshine
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Re: The "I chose the larger scholarship over higher rank" club

Postby shoeshine » Thu Jun 23, 2011 2:47 am

miracle2011 wrote:I also picked scholarship over rankings. Berkeley Law with $$$ over T6 wait lists and Penn/Michigan.

I think this was a good idea. You turned down one great school for another great school with money.

blsingindisguise
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Re: The "I chose the larger scholarship over higher rank" club

Postby blsingindisguise » Thu Jun 23, 2011 8:24 am

protein wrote:
blsingindisguise wrote:
Cavalier wrote:I don't know why you'd sweat it. Sure, odds are you won't get big law when you graduate, but you won't need big law to live a comfortable life if you're graduating with little debt.


This. My high five-figure salary with zero debt is basically going to afford me about the same lifestyle as a biglaw associate with $150-200K debt, and I'll be working less. Plus the biglaw associate most likely won't last in biglaw.


how do you figure that?


When you factor in the higher tax bracket and a $1500/mo loan payment, the difference between $90K and $160K looks a lot smaller -- it's still significant but it's hardly an order of magnitude. Plus the biglaw associate drops to a lower salary in five years most likely anyway. Not saying that's necessarily a reason to make the calculation I made, it just worked out decently for me.

bmore
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Re: The "I chose the larger scholarship over higher rank" club

Postby bmore » Thu Jun 23, 2011 8:46 am

Not a big dip but Penn $ over NYU and reserve from Columbia.

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ach24
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Re: The "I chose the larger scholarship over higher rank" club

Postby ach24 » Thu Jun 23, 2011 9:03 am

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Last edited by ach24 on Fri Jul 31, 2015 10:45 am, edited 1 time in total.

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RareAir
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Re: The "I chose the larger scholarship over higher rank" club

Postby RareAir » Thu Jun 23, 2011 10:50 am

blsingindisguise wrote:
protein wrote:
blsingindisguise wrote:
Cavalier wrote:I don't know why you'd sweat it. Sure, odds are you won't get big law when you graduate, but you won't need big law to live a comfortable life if you're graduating with little debt.


This. My high five-figure salary with zero debt is basically going to afford me about the same lifestyle as a biglaw associate with $150-200K debt, and I'll be working less. Plus the biglaw associate most likely won't last in biglaw.


how do you figure that?


When you factor in the higher tax bracket and a $1500/mo loan payment, the difference between $90K and $160K looks a lot smaller -- it's still significant but it's hardly an order of magnitude. Plus the biglaw associate drops to a lower salary in five years most likely anyway. Not saying that's necessarily a reason to make the calculation I made, it just worked out decently for me.



Idk about your specific situation, but 160k in NYC is equivalent to <100k in terms of COL vs many other markets paying in the 80-110k range. I'd much rather make 90k in Texas or the Southeast than 160k (and loads of debt) in NYC.

kaiser
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Re: The "I chose the larger scholarship over higher rank" club

Postby kaiser » Thu Jun 23, 2011 11:00 am

Picked a T25 with $$ over a few T14's. Finished top 10% at my T25, so I'm in line to get a really good job, certainly no worse than what I would have gotten had I been top 30% or 40% at the T14. I'll admit that it was a gamble. I could have easily not done well and then I'd likely regret my school choice. But I'm now in a position to get the same job I would have gotten out of the T14's, but with close to no debt. Its really a great place to be. But don't be fooled by my story. I wouldn't just recommend taking the cash in every situation. You REALLY need to think it out and consider what your goals and priorities are.

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romothesavior
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Re: The "I chose the larger scholarship over higher rank" club

Postby romothesavior » Thu Jun 23, 2011 11:01 am

RareAir wrote:Idk about your specific situation, but 160k in NYC is equivalent to <100k in terms of COL vs many other markets paying in the 80-110k range. I'd much rather make 90k in Texas or the Southeast than 160k (and loads of debt) in NYC.

Absolutely true. I think 100k in my local city comes out to something like 220k+ in NYC.

Anyways, don't sweat it at all OP. The T40 are really not that far behind the T20-30. You probably made a good choice, and not really as "shocking" of a choice as you think it is. Picking a lower tier 1 school for $$$ over a T14, or taking a full ride at a T3 or T2 over a T20 for less money... now those are more difficult decisions. But I'd imagine you would find a consensus on TLS that you made a good call.




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