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

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

Postby nickwar » Thu Jun 23, 2011 11:07 am

You're alone if you're regretting your decision.

I went on a basically half-tuition scholarship @ a school with a ~$14,000 in-state tuition and have never regretted it over going to higher-ranked schools @ ~$40,000/year tuition + higher COL.

I'll graduate with a t-35 degree with about $10,000-$15,000 in debt vs. a t-20 degree @ $120,000+ in debt; why would I ever regret that? I'm also a bit biased because the other school I was considering has dropped considerably in the rankings.

I agree it would be a bit tougher to turn down a t-14 at sticker, but I probably would have made the same decision.

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Flips88
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Re: The "I chose the larger scholarship over higher rank" club

Postby Flips88 » Thu Jun 23, 2011 11:14 am

PDaddy wrote:
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.

Except that as far as I know Vandy maxes out their highest scholarship offer at $84,000 plus $5k for 1L summer so you're still on the hook for $120,000+. Michigan or Penn for only $80k more would've been a fine choice, IMO.

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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 11:38 am

PDaddy wrote:
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.


Given that I finished top-2% this year, it was indeed a very good decision.

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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 12:02 pm

Yep. According to Bankrate.com 160k in NYC is equivalent to 72k in NOLA (where I'm from)

On the flip side someone making 160k in NOLA would need to make 357k to live the same life in NYC.

As much as I would love to give NYC a shot for a few years after LS I fear that I'll end up working 60 hours a week and be poor.

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

Postby fatduck » Thu Jun 23, 2011 12:10 pm

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.

for a single person, $90k and $160k are in the same tax bracket. also, that's not how income tax works.

/rant

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

Postby blsingindisguise » Thu Jun 23, 2011 2:17 pm

fatduck wrote:for a single person, $90k and $160k are in the same tax bracket. also, that's not how income tax works.

/rant


1) you're incorrect about the tax brackets 2) I know how marginal tax rates work 3) what you posted wasn't a rant :mrgreen:

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

Postby Perch » Thu Jun 23, 2011 3:38 pm

RareAir wrote:Yep. According to Bankrate.com 160k in NYC is equivalent to 72k in NOLA (where I'm from)

On the flip side someone making 160k in NOLA would need to make 357k to live the same life in NYC.

As much as I would love to give NYC a shot for a few years after LS I fear that I'll end up working 60 hours a week and be poor.


60 hours/week would be the life, sounds good to me.

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

Postby mebeSajid » Thu Jun 23, 2011 4:00 pm

Perch wrote:60 hours/week would be the life, sounds good to me.


Image

clone22
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Re: The "I chose the larger scholarship over higher rank" club

Postby clone22 » Thu Jun 23, 2011 4:10 pm

chose t13 over t10. looking forward to snow

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Flips88
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Re: The "I chose the larger scholarship over higher rank" club

Postby Flips88 » Thu Jun 23, 2011 4:17 pm

clone22 wrote:chose t13 over t10. looking forward to snow

Is it that hard to type Cornell?

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

Postby kaiser » Thu Jun 23, 2011 4:18 pm

Flips88 wrote:
clone22 wrote:chose t13 over t10. looking forward to snow

Is it that hard to type Cornell?


Sometimes a man must go out of his way to properly troll on Georgetown

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

Postby stylishlaw » Thu Jun 23, 2011 4:46 pm

kaiser wrote:
Flips88 wrote:
clone22 wrote:chose t13 over t10. looking forward to snow

Is it that hard to type Cornell?


Sometimes a man must go out of his way to properly troll on Georgetown



LOL, +1

bigkahuna2020
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Re: The "I chose the larger scholarship over higher rank" club

Postby bigkahuna2020 » Thu Jun 23, 2011 5:45 pm

RareAir wrote:Yep. According to Bankrate.com 160k in NYC is equivalent to 72k in NOLA (where I'm from)

On the flip side someone making 160k in NOLA would need to make 357k to live the same life in NYC.

As much as I would love to give NYC a shot for a few years after LS I fear that I'll end up working 60 hours a week and be poor.


Bankrate.com is stupid. After a certain income level (I'd say around 90k) CoL gaps narrow because most of the CoL in NYC is rent/mortgage payments. Plus, even with a million dollars in NOLA there are things you just won't get there that are in NYC (and probably vice versa)...

No need to rationalize your decision by marginalizing NYC.

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

Postby shepdawg » Sat Jun 25, 2011 2:50 pm

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.

What are you smoking? A couple people from my TTT get 160k BL jobs every year. Just bust out top 1% and work on your personality.

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Malcolm8X
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Re: The "I chose the larger scholarship over higher rank" club

Postby Malcolm8X » Sat Jun 25, 2011 3:01 pm

shepdawg 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.

What are you smoking? A couple people from my TTT get 160k BL jobs every year. Just bust out top 1% and work on your personality.


LOL!

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

Postby HeavenWood » Sun Jun 26, 2011 11:33 pm

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.


This is credited.

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

Postby NorCalBruin » Sun Jun 26, 2011 11:41 pm

UCLA w/ 90k+ over Cornell w/75 & Gtown w/30... but I guess that's not a big surprise or big rank drop.

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

Postby Kendi » Mon Jun 27, 2011 1:46 am

romothesavior wrote: I think 100k in my local city comes out to something like 220k+ in NYC.

The difference between NYC and South Florida (where I want to live and work), made it an easy decision. $78K in South Florida is equivalent to $160K in NYC. Before making a decision I checked and discovered that a number of Big Law firms have offices in South Florida. According to their webs sites, a high percentage of their associates were Fla grads.

The one disappointing downside is that the tuition (and scholly money) is about the same as a T-10 school.

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

Postby minnesotasam » Mon Jun 27, 2011 2:05 am

bigkahuna2020 wrote:CoL gaps narrow because most of the CoL in NYC is rent/mortgage payments.

Someone's never ordered a double whiskey coke in NYC..

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

Postby HeavenWood » Mon Jun 27, 2011 7:54 am

bigkahuna2020 wrote:
RareAir wrote:Yep. According to Bankrate.com 160k in NYC is equivalent to 72k in NOLA (where I'm from)

On the flip side someone making 160k in NOLA would need to make 357k to live the same life in NYC.

As much as I would love to give NYC a shot for a few years after LS I fear that I'll end up working 60 hours a week and be poor.


Bankrate.com is stupid. After a certain income level (I'd say around 90k) CoL gaps narrow because most of the CoL in NYC is rent/mortgage payments. Plus, even with a million dollars in NOLA there are things you just won't get there that are in NYC (and probably vice versa)...

No need to rationalize your decision by marginalizing NYC.


But that's half the fun!

rangers0412
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Re: The "I chose the larger scholarship over higher rank" club

Postby rangers0412 » Tue Jun 28, 2011 4:36 pm

tier 3 private full ride over some tier 2 state schools. Dominates the market, -0- debt, blah blah everyone look how smart my decision is, please give me attention.

bigkahuna2020
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Re: The "I chose the larger scholarship over higher rank" club

Postby bigkahuna2020 » Thu Jun 30, 2011 1:40 am

minnesotasam wrote:
bigkahuna2020 wrote:CoL gaps narrow because most of the CoL in NYC is rent/mortgage payments.

Someone's never ordered a double whiskey coke in NYC..


Someone is going to crappy out of towner clubs if they ever ordered a "double" anything in NYC. Your drink might be 6 dollars, but it will be 70% liquor.




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