Vandy (75k) or Cornell ( potentially sticker don't know yet) Forum

[Tiago Splitter]

According to the GULC app...I got 160,258 total indebtedness then -75k would be 85,258.... but I wouldn't need to take out any loans for living expenses ...it would be tuition only. So I would assume the 85k would be even lower

Yeah this really changes things. If you can get a little money from Cornell I'd just pick your favorite between the two.

[bk1]

Is making 160k, but with the cost of living in NYC really going to put a dent in any kind of loans?

Market Salary+Bonus After Tax (Before Tax):

103 (167.5)
111 (180)
122 (200)
138 (230)
151 (255)

Estimating a high cost of living (70k)., you will be able to pay back:

33+41+52+68+81

After 3 years you're still going to be over 150k in debt which presents a serious issue if you leave biglaw at that point. Year 4 is really important because that is about when your debt can be pushed under 100k. You can be debt free by the end of your 6th year. The problem is that a lot of people exit biglaw around year 3 and only 20% make it to year 5. This means that the odds just aren't in favor of you being able to grind it out that long.

[bk1]

According to the GULC app...I got 160,258 total indebtedness then -75k would be 85,258.... but I wouldn't need to take out any loans for living expenses ...it would be tuition only. So I would assume the 85k would be even lower

Didn't realize you didn't have to take out loans for CoL. I'd say hands down Vandy since it'll be almost half the price of Cornell.

[rad lulz]

.

[top30man]

According to the GULC app...I got 160,258 total indebtedness then -75k would be 85,258.... but I wouldn't need to take out any loans for living expenses ...it would be tuition only. So I would assume the 85k would be even lower

Didn't realize you didn't have to take out loans for CoL. I'd say hands down Vandy since it'll be almost half the price of Cornell.

Yeah definitely Vanderbilt then. If you don't hit biglawlz you will still have a manageable debt load.

What about with no ties to the south? Specifically wondering about PA markets.

[NJPitcher]

According to the GULC app...I got 160,258 total indebtedness then -75k would be 85,258.... but I wouldn't need to take out any loans for living expenses ...it would be tuition only. So I would assume the 85k would be even lower

Didn't realize you didn't have to take out loans for CoL. I'd say hands down Vandy since it'll be almost half the price of Cornell.

Yeah definitely Vanderbilt then. If you don't hit biglawlz you will still have a manageable debt load.

What about with no ties to the south? Specifically wondering about PA markets.

I'll +1 this, as I'm in a similar boat.

I will say I was just at Vandy's ASW, and was incredibly impressed with the faculty/facility/people/everything.

[msblaw89]

^^

Yes, but....what was the continental breakfast like?

[franklyscarlet]

^^

Yes, but....what was the continental breakfast like?

The dinner and the free beer are forefront in my memory. Those chicken skewers were yummy

[NJPitcher]

I had work today, so I was gone by 5PM yesterday - I missed out on the chicken skewers

Bar review was fun though (although leaving at 2 and waking up at 7 was... interesting? Thank god for the 12 boxes of coffee), and my hosts said they hadn't been to that bar since last year's ASW. Apparently there are LOTS of bars in Nashville, and you can spend a whole year going to a different one every week. My kind of town...

[Chucky21]

Is making 160k, but with the cost of living in NYC really going to put a dent in any kind of loans?

Market Salary+Bonus After Tax (Before Tax):

103 (167.5)
111 (180)
122 (200)
138 (230)
151 (255)

Estimating a high cost of living (70k)., you will be able to pay back:

33+41+52+68+81

After 3 years you're still going to be over 150k in debt which presents a serious issue if you leave biglaw at that point. Year 4 is really important because that is about when your debt can be pushed under 100k. You can be debt free by the end of your 6th year. The problem is that a lot of people exit biglaw around year 3 and only 20% make it to year 5. This means that the odds just aren't in favor of you being able to grind it out that long.

But you also have to consider that a lot of associates leave biglaw for another job, maybe with more money involved. This being said imo you'll have more opportunities coming out of Cornell. Also your SA can bring down your debt by living frugally and just putting everything you have towards that debt.

[BruceWayne]

The difference in reputation between Cornell and Vandy (unless you want to work in NYC) is not enough to pay sticker at Cornell over that kind of money at Vandy.

That being said, Cornell is more portable (although a lot of that will depend on grades). However, a major plus for Vandy for your circumstances is that you're from Florida. Someone from Florida with a Vandy JD could get firm jobs in Florida(although you said that you aren't interested), Birmingham, Nashville, and possibly Charlotte if you sell yourself well. You would also have no problems ties wise getting Atlanta (but you would need spectacular grades). You would still have a shot at NYC as well. Considering the bad economy and the fact that paying off debt with a biglaw firm job in NYC from Cornell is almost laughable (with the huge NYC tax rates and NYC's colossal cost of living combined with interest, it's simply a terrible idea. Not to mention, as someone stated, most NYC biglaw people do not last more than 3-4 years.). You should really go to Vandy.

[romothesavior]

Vanderbilt.

Cornell is not worth sticker, IMO. It is so risky because 1) you could still strikeout and be left with a huge debtload, and 2) even if you get a biglaw job, you are going to have trouble paying off those loans. Your best shot at a job is going to be NYC biglaw, and as bk said, you are going to have trouble making a significant dent in that if you don't stick it out for 4-6 years thanks to NYC's high COL and taxes. 4-6 years would be a long time to stick it out in NYC biglaw.

A Vanderbilt degree is very solid (not quite on par with Cornell, but not a huge difference) and if you don't have to pay anything in COL, your debtload will be well under 100k. A sub-100k debtload is manageable, even without biglaw. Plus Nashville rocks my socks off and Vanderbilt is a really cool place to spend three years.

[msblaw89]

Great advice Chuck, Bruce, and Romo! Do any of you have any idea what other cities a Cornell degree would be helpful? Other than NYC

[de5igual]

Great advice Chuck, Bruce, and Romo! Do any of you have any idea what other cities a Cornell degree would be helpful? Other than NYC

you're drastically overestimating the portability of a cornell degree vs a vandy one. it'll be helpful wherever you have ties + nyc. in markets other than nyc, cornell only has a slight edge (if any) versus cornell. in the south, it lags behind.

[BruceWayne]

Great advice Chuck, Bruce, and Romo! Do any of you have any idea what other cities a Cornell degree would be helpful? Other than NYC

you're drastically overestimating the portability of a cornell degree vs a vandy one. it'll be helpful wherever you have ties + nyc. in markets other than nyc, cornell only has a slight edge (if any) versus cornell. in the south, it lags behind.

Honestly this is probably true. That's why I almost hesitated to even say that it had more portability than Vandy. I mean it does, but that's really only going to apply if you have high grades and it actually will do worse in the South.

[bk1]

But you also have to consider that a lot of associates leave biglaw for another job, maybe with more money involved. This being said imo you'll have more opportunities coming out of Cornell. Also your SA can bring down your debt by living frugally and just putting everything you have towards that debt.

My point was that they the job they leave for probably pays less.

Also SA money is a non-factor considering at best it's going to get used up paying for cover 3 summers worth of living expenses (1L summer, 2L summer, summer spent on the bar).

[Moriarty]

Just wanted to say thanks to everyone for the great advice. I'll be making this decision soon and this thread was really helpful.

Good luck with your decision, msblaw! (FWIW, Nashville is a wonderful city.)

[msblaw89]

Just wanted to say thanks to everyone for the great advice. I'll be making this decision soon and this thread was really helpful.

Good luck with your decision, msblaw! (FWIW, Nashville is a wonderful city.)

I love it! Pancake Pantry.....

[franklyscarlet]

Just wanted to say thanks to everyone for the great advice. I'll be making this decision soon and this thread was really helpful.

Good luck with your decision, msblaw! (FWIW, Nashville is a wonderful city.)

I love it! Pancake Pantry.....

God, so good. The best moment of my trip might have been waiting in line for the pancake pantry, eating a macaron from across the street, and listening to street musicians in the sunshine.

Actually, no, the hash browns were the best moment.

[Moriarty]

Just wanted to say thanks to everyone for the great advice. I'll be making this decision soon and this thread was really helpful.

Good luck with your decision, msblaw! (FWIW, Nashville is a wonderful city.)

I love it! Pancake Pantry.....

God, so good. The best moment of my trip might have been waiting in line for the pancake pantry, eating a macaron from across the street, and listening to street musicians in the sunshine.

Actually, no, the hash browns were the best moment.

Arghh, I had to leave early so I didn't get to go. (Good reason to go to Vandy now, yes? ) But I did go to Jackson's and the french toast was AH-MAZING.

[franklyscarlet]

Just wanted to say thanks to everyone for the great advice. I'll be making this decision soon and this thread was really helpful.

Good luck with your decision, msblaw! (FWIW, Nashville is a wonderful city.)

I love it! Pancake Pantry.....

God, so good. The best moment of my trip might have been waiting in line for the pancake pantry, eating a macaron from across the street, and listening to street musicians in the sunshine.

Actually, no, the hash browns were the best moment.

Arghh, I had to leave early so I didn't get to go. (Good reason to go to Vandy now, yes? ) But I did go to Jackson's and the french toast was AH-MAZING.

I want you to go to Vandy so we can be BFF and walk around mocking undergrads.

[Moriarty]

I want you to go to Vandy so we can be BFF and walk around mocking undergrads.

*sends in deposit* Done.

[franklyscarlet]

I want you to go to Vandy so we can be BFF and walk around mocking undergrads.

*sends in deposit* Done.

WIN

[msblaw89]

I want you to go to Vandy so we can be BFF and walk around mocking undergrads.

*sends in deposit* Done.

WIN

That would be a blast...is it bad that I find that slightly enjoyable?

[franklyscarlet]

I want you to go to Vandy so we can be BFF and walk around mocking undergrads.

*sends in deposit* Done.

WIN

That would be a blast...is it bad that I find that slightly enjoyable?

You can join our BFF club. We can rent a big ol house of hate. Undergrad hate.