thexfactor wrote:The problem is at a T1 non T14 school, he might not get to know whether or not he hates biglaw work lol.
T14 will give you the most options.
What makes a school like WUSTL a tough option is the cost, which is hard to handle with our poor biglaw placement. A free degree from WUSTL is not a bad option. It's not like people don't get jobs here. Will he get something at OCI? Probably not, based on our NLJ numbers. Will he wind up completely unemployed? It is certainly possible, but not likely.
Both the best case and worst case scenarios are in WUSTL's favor. Worst case at either school? Unemployment. Better to have no debt than tons of it if you're unemployed. Best case at either school? A well-paying job. Difference is, he'll have little or no loan payments after law school form WUSTL. In the middle of the class is where Georgetown starts to pay off. He'll have much better biglaw odds at median from Georgetown than he will at WUSTL (virtually no shot with median at WUSTL, although I know a few people with slightly above median grades and NLJ jobs). But at least he won't need
biglaw from WUSTL. If he's median at Georgetown and strikes out, he's totally screwed.
Law school has made me a lot of things, but it's mostly made me debt-averse. Maybe that's a personal thing, but the difference in cost here is just so big that I think it makes WUSTL an objectively better decision. If we were comparing a school like Chicago with WUSTL, then I'm in your camp for sure. But to go from 25% odds at biglaw to maybe a coin flip isn't worth six-figs to me.
The worst case is:
1. 200k debt GULC degree + no job
2. 70k debt WUSTL degree + no job.
The chances of him getting the best case scenario is pretty low at WUSTL. If you check WUSTL's clerkship+ nlj250 I doubt it is more than 25%. GULC is prob roughly around 50%.
So at WUSTL there is a 75% chance of not getting a good job. Il assume that at WUSTL 25% of the kids get some kind of decent job ie 50-75k job( I think that might be too generous). Therefore there is likely a 50% chance of scenario 2 happening.
At GULC its roughly 50% of clerkship+ NLJ250. Lets assume the same about 25% of kids get some kind of OK job.. ( aka paying 50-75K). Therefore this leaves only 25% of the kids being totally screwed and the odds of #1 happening.
The key is that #2 isnt THAT much worse off than #1.
Both will suck extremely bad because you give up 3 years of your life to go study law. However, with IBR it makes #1 only slightly more worse off than #2. IBR limits your loans to 10% of each year's income and 20 years. If you don't get a biglaw job you will likely be making under 50k in both circumstances. With the interest, you will likely have to use IBR for in both cases.
However with GULC and option 1, you get 20-30% extra chance of a good job.. ie biglaw/midlaw/big clerkship/fed/good PI jobs.
Furthermore, if you do public service or get a job with the government, all your debt is paid off in 10 years.
I think people here discount the value of the IBR program... AKA US gov's bailout of students.