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- Ersatz Haderach
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Re: WUSTL ($$$) v. GULC (sticker)
Get as much need-based aid from GTown as you possibly can. If there somehow isn't any, ouch. I'd probably go to WUSTL rather than spend another 130k, but if the difference isn't too big, follow your preference and the rankings.
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Re: WUSTL ($$$) v. GULC (sticker)
There is no "tax bomb". IBR's debt forgiveness is not taxable.
Anyway, I wouldn't do GULC at full price or anything close.
Anyway, I wouldn't do GULC at full price or anything close.
- 2011Cycle
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Re: WUSTL ($$$) v. GULC (sticker)
Not exactly trueBitey wrote:There is no "tax bomb". IBR's debt forgiveness is not taxable.
http://www.ibrinfo.org/faq.vp.html#_Will_forgiven_loan
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- Tiago Splitter
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Re: WUSTL ($$$) v. GULC (sticker)
IBR loan forgiveness is taxable if you aren't in public interest.Bitey wrote:There is no "tax bomb". IBR's debt forgiveness is not taxable.
Anyway, I wouldn't do GULC at full price or anything close.
"The maximum repayment period is 25 years. After 25 years, any remaining debt will be discharged (forgiven). Under current law, the amount of debt discharged is treated as taxable income, so you will have to pay income taxes 25 years from now on the amount discharged that year. "
http://www.finaid.org/loans/ibr.phtml
- JCougar
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Re: WUSTL ($$$) v. GULC (sticker)
ITE you're unlikely to get biglaw from either school (unless your work experience is directly related to the field of law you want to practice in...in that case you have about an even shot if you attend Gtown).
If I were you, I would bank on not getting biglaw from either school and just taking the lower debt.
If I were you, I would bank on not getting biglaw from either school and just taking the lower debt.
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Re: WUSTL ($$$) v. GULC (sticker)
How do you plan on breaking the lease. DC is great but considering the cost-benefit I would go with WUSTL. Plus, Gtown is sort of a diploma mill and from what I've been hearing, a lot of people are having trouble finding jobs b/c there are so many Gtown grads and other schools to compete with for DC. Even if you get need based, you'll basically still be paying twice for Gtown and it might not be worth it. Granted, mobility is much greater out of Gtown.
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Re: WUSTL ($$$) v. GULC (sticker)
Plan would be to talk to the landlord, see what we can work out, and try to have him find another renter, even if I end up paying a month or two rent while we both look. Otherwise, finding someone to sublet. If that fails, time for some new plansran12 wrote:How do you plan on breaking the lease. DC is great but considering the cost-benefit I would go with WUSTL. Plus, Gtown is sort of a diploma mill and from what I've been hearing, a lot of people are having trouble finding jobs b/c there are so many Gtown grads and other schools to compete with for DC. Even if you get need based, you'll basically still be paying twice for Gtown and it might not be worth it. Granted, mobility is much greater out of Gtown.
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Re: WUSTL ($$$) v. GULC (sticker)
But... I'M A SPECIAL SNOWFLAKE!JCougar wrote:ITE you're unlikely to get biglaw from either school (unless your work experience is directly related to the field of law you want to practice in...in that case you have about an even shot if you attend Gtown).
If I were you, I would bank on not getting biglaw from either school and just taking the lower debt.
In all honesty, this is a good point.
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Re: WUSTL ($$$) v. GULC (sticker)
As others have pointed out, straight 25 year IBR payments do have tax implications at the end. 10 year IBR payments combined with a PSLF-eligible job do not.Bitey wrote:There is no "tax bomb". IBR's debt forgiveness is not taxable.
Anyway, I wouldn't do GULC at full price or anything close.
This is doubly relevant as Georgetown's LRAP only covers PSLF-eligible, JD-required or JD-preferred jobs.
- ndirish2010
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Re: WUSTL ($$$) v. GULC (sticker)
WUSTL. GULC sticker is bad news.
- ndirish2010
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Re: WUSTL ($$$) v. GULC (sticker)
Yes, GULC you will not get biglaw 60% of the time, while WUSTL you won't get it 80% of the time. Difference is you're going for damn close to free at WUSTL.shackleton wrote:But... I'M A SPECIAL SNOWFLAKE!JCougar wrote:ITE you're unlikely to get biglaw from either school (unless your work experience is directly related to the field of law you want to practice in...in that case you have about an even shot if you attend Gtown).
If I were you, I would bank on not getting biglaw from either school and just taking the lower debt.
In all honesty, this is a good point.
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Re: WUSTL ($$$) v. GULC (sticker)
n/m
Last edited by shackleton on Thu Jun 21, 2012 9:31 am, edited 1 time in total.
- Moxie
- Posts: 663
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Re: WUSTL ($$$) v. GULC (sticker)
$137,000 is not damn close to free, in any sense of the word.ndirish2010 wrote:Yes, GULC you will not get biglaw 60% of the time, while WUSTL you won't get it 80% of the time. Difference is you're going for damn close to free at WUSTL.
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Re: WUSTL ($$$) v. GULC (sticker)
Biglaw numbers at GULC are a bit skewed, given that such a large percentage of each class will be gunning for gov/PI. Saying "you will not get biglaw 60% of the time" is a bit misleading.ndirish2010 wrote:Yes, GULC you will not get biglaw 60% of the time, while WUSTL you won't get it 80% of the time. Difference is you're going for damn close to free at WUSTL.shackleton wrote:But... I'M A SPECIAL SNOWFLAKE!JCougar wrote:ITE you're unlikely to get biglaw from either school (unless your work experience is directly related to the field of law you want to practice in...in that case you have about an even shot if you attend Gtown).
If I were you, I would bank on not getting biglaw from either school and just taking the lower debt.
In all honesty, this is a good point.
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Re: WUSTL ($$$) v. GULC (sticker)
Cheers, I stand corrected. Better go tell my buddy that is counting on this program to remember the IRS bill at the end. I think the 25-year-option, even for the underemployed, seems like a pretty bad deal in the end.Tiago Splitter wrote:IBR loan forgiveness is taxable if you aren't in public interest.Bitey wrote:There is no "tax bomb". IBR's debt forgiveness is not taxable.
Anyway, I wouldn't do GULC at full price or anything close.
"The maximum repayment period is 25 years. After 25 years, any remaining debt will be discharged (forgiven). Under current law, the amount of debt discharged is treated as taxable income, so you will have to pay income taxes 25 years from now on the amount discharged that year. "
http://www.finaid.org/loans/ibr.phtml
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Re: WUSTL ($$$) v. GULC (sticker)
n/m
Last edited by shackleton on Thu Jun 21, 2012 9:29 am, edited 1 time in total.
- Nogameisfair
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Re: WUSTL ($$$) v. GULC (sticker)
This is absolutely the truth. I would estimate around 60-70% of Georgetown grads are in the running for biglaw, BigGov, or BigClerkship. And this is during the recession. I only know one person from my class who doesn't fit into one of those jobs, or an another LRAP eligible job.TheFactor wrote: Biglaw numbers at GULC are a bit skewed, given that such a large percentage of each class will be gunning for gov/PI. Saying "you will not get biglaw 60% of the time" is a bit misleading.
If OP wants a shot at living in NYC, LA, of SF, as his post indicates, he has almost no shot from WUSTL.
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Re: WUSTL ($$$) v. GULC (sticker)
Mid-day bump.
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Re: WUSTL ($$$) v. GULC (sticker)
Call me a coward, but the safe thing seems to be go to WUSTL, make no assumptions about Biglaw, and study your ass off. If you get Biglaw, that's some tasty icing on the cake, but you'll also be able to get by without it. It also might depend on how old you are, a guy my age (30+) has a different view on debt (hence, the safe route) than someone right out of college might.
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- teaadntoast
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Re: WUSTL ($$$) v. GULC (sticker)
WUSTL.
Your planned career scenario isn't necessarily unrealistic, but it's hardly a given, even from a T14. Not worth the additional debt if you aren't going to be heartbroken in the midwest.
Your planned career scenario isn't necessarily unrealistic, but it's hardly a given, even from a T14. Not worth the additional debt if you aren't going to be heartbroken in the midwest.
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Re: WUSTL ($$$) v. GULC (sticker)
I'm sorry, what? I have no idea what facts you are looking at, because the results from EIW last year make it clear that this is just not true.ITE you're unlikely to get biglaw from either school (unless your work experience is directly related to the field of law you want to practice in...in that case you have about an even shot if you attend Gtown).
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Re: WUSTL ($$$) v. GULC (sticker)
Edit: n/m
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Re: WUSTL ($$$) v. GULC (sticker)
WUSTL.
Georgetown is a nice school, but simply is not worth sticker (in most cases). 130K is a ton of money and I think that K-JDs and other who have only been out of school for a year or two, have a very poor sense of the sort of impact that paying off those sorts of loans has on your QoL. I don't think 130k is worth the extra 20% if you would be ok staying in the midwest.
Georgetown is a nice school, but simply is not worth sticker (in most cases). 130K is a ton of money and I think that K-JDs and other who have only been out of school for a year or two, have a very poor sense of the sort of impact that paying off those sorts of loans has on your QoL. I don't think 130k is worth the extra 20% if you would be ok staying in the midwest.
Seriously? What are you waiting for?
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