WUSTL v Vandy (Another one)

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coreno16
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WUSTL v Vandy (Another one)

Postby coreno16 » Thu Jul 07, 2011 6:47 pm

Have to decide by tomorrow between WUSTL and Vandy.

I'm coming into law school with over $80k in undergrad debt. Based on the amount of prior debt, I am pretty much limited to shooting for a big law job.

My 1st choice for employment would be Chicago, but after that I honestly don't care at all and will go wherever I can find a job that will enable me to pay down my debt. I'm very mobile and not tied to any particular region, though I have no problem staying in the midwest as I'm from the region.

I have $110,000 to WUSTL and will have a total debt load of $169,085 (interest and summer employment not included)

I have $54,000 to Vandy and will have a total debt load of $234,992 (interest and summer employment not included)

I have historically done very well with networking, and am confident that at either school, I have a high likelihood of landing an SA after my 1st and 2nd year at a local firm I have a connection to.

Is the extra ~$60k worth spending for Vandy's national placement and "brand" name in my situation? At what point of the debt train does 60k become relatively insignificant?

Thanks.

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stratocophic
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Re: WUSTL v Vandy (Another one)

Postby stratocophic » Thu Jul 07, 2011 6:50 pm

coreno16 wrote:Have to decide by tomorrow between WUSTL and Vandy.

I'm coming into law school with over $80k in undergrad debt. Based on the amount of prior debt, I am pretty much limited to shooting for a big law job.

My 1st choice for employment would be Chicago, but after that I honestly don't care at all and will go wherever I can find a job that will enable me to pay down my debt. I'm very mobile and not tied to any particular region, though I have no problem staying in the midwest as I'm from the region.

I have $110,000 to WUSTL and will have a total debt load of $169,085 (interest and summer employment not included)

I have $54,000 to Vandy and will have a total debt load of $234,992 (interest and summer employment not included)

I have historically done very well with networking, and am confident that at either school, I have a high likelihood of landing an SA after my 1st and 2nd year at a local firm I have a connection to.

Is the extra ~$60k worth spending for Vandy's national placement and "brand" name in my situation? At what point of the debt train does 60k become relatively insignificant?

Thanks.
If the firm you mentioned is somewhere you could see yourself working long-term, I'd take WUSTL and save myself the debt. Otherwise, it's a harder question - you're effed either way if you strike out with that much debt, so I guess I'd probably go for Vandy just because it lessens the chance of you striking out. 60k + interest is a lot though... it was enough to convince me not to go to Vandy, so I dunno.

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coreno16
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Re: WUSTL v Vandy (Another one)

Postby coreno16 » Thu Jul 07, 2011 6:59 pm

Omitted total loan with interest for simplicity's sake but this is probably pretty relevant in the big picture.

WUSTL - $208,004 (undergrad debt+ls debt+assumed 7.5% interest)

Vandy - $278,978 (undergrad debt+ls debt+assumed 7.5% interest)

Thanks for the response

maximator
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Re: WUSTL v Vandy (Another one)

Postby maximator » Thu Jul 07, 2011 7:21 pm

Is taking some time off, working, and paying down your undergrad debt an option?

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bk1
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Re: WUSTL v Vandy (Another one)

Postby bk1 » Thu Jul 07, 2011 7:22 pm

Yeesh at those debt totals. I honestly would recommend going lower in the rankings for an even cheaper school or taking time off to pay your debt down.

coreno16 wrote:I have historically done very well with networking, and am confident that at either school, I have a high likelihood of landing an SA after my 1st and 2nd year at a local firm I have a connection to.


But if this is true (meaning that high likelihood = 90%+) then I'd say go cheapest that you have (which is WUSTL).

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Grizz
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Re: WUSTL v Vandy (Another one)

Postby Grizz » Thu Jul 07, 2011 7:40 pm

maximator wrote:Is taking some time off, working, and paying down your undergrad debt an option?

Yeah holy crap I mean as much as I love Vandy you don't have any business spending $200k or more at these schools no matter how good at networking you think you are.

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coreno16
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Re: WUSTL v Vandy (Another one)

Postby coreno16 » Thu Jul 07, 2011 9:57 pm

maximator wrote:Is taking some time off, working, and paying down your undergrad debt an option?


It's an option, though not one I'm likely to pursue. I'm a summer analyst right now at a private equity firm, and could transition that into something else with some effort, though I'd much rather start law school in the fall.

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stratocophic
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Re: WUSTL v Vandy (Another one)

Postby stratocophic » Thu Jul 07, 2011 10:41 pm

coreno16 wrote:
maximator wrote:Is taking some time off, working, and paying down your undergrad debt an option?


It's an option, though not one I'm likely to pursue. I'm a summer analyst right now at a private equity firm, and could transition that into something else with some effort, though I'd much rather start law school in the fall.
oh shoot mang if that's an option do that. The work experience will help in interviews and that kind of debt is something you want no part of - paying some of it off over a year or two would be huge. Plus maybe you could retake and get more money from places or get into an even better school that way.

fingersxd
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Re: WUSTL v Vandy (Another one)

Postby fingersxd » Fri Jul 08, 2011 9:48 am

coreno16 wrote:
maximator wrote:Is taking some time off, working, and paying down your undergrad debt an option?


It's an option, though not one I'm likely to pursue. I'm a summer analyst right now at a private equity firm, and could transition that into something else with some effort, though I'd much rather start law school in the fall.



I think you should seriously re-consider this option and work first. Not only will it give you a chance to get some great experience on your resume, but you'll also be able to pay down some of your undergrad debt. At present, those numbers are terrifying!

Also, you might consider re-taking the LSAT if you can. Breaking 170 will really improve your school options (not that Vandy/WUSTL aren't great, they are), and more importantly for you, it will net you much better scholarship offers.

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Visirale
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Re: WUSTL v Vandy (Another one)

Postby Visirale » Fri Jul 08, 2011 12:10 pm

Seriously is this even a question? Especially if you want to work in Chicago.

Work at your current job. Make some $$$. Then go to Northwestern after 6 years or so of work experience (and possibly retaking the LSAT). This is the route they want you to take and you seem to be in a prime position to take it.

I mean, you must know how debilitating debt is with as much as you have right now. Why do you want to add so much more at schools that still aren't sure things at big law? Take the time, pay that debt down, then go to the school that will give you one of the best shots you'll ever have.

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NYCbound35
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Re: WUSTL v Vandy (Another one)

Postby NYCbound35 » Fri Jul 08, 2011 12:29 pm

If you are dead set on going, I'd choose Vandy. You're going to have to get Biglaw with either debt load, so go to the school with the better placement.

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thexfactor
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Re: WUSTL v Vandy (Another one)

Postby thexfactor » Fri Jul 08, 2011 7:16 pm

at this point since you are going to be either 200k or 275k in debt I would choose vandy. The marginal cost of going to vandy is a lot less than the benefit you get from attending vandy.

Vandy gives you a better chance of getting a 6 figure job that can pay off that horrendous debt.




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