Northwestern $150k Deferral

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StrictlyBusiness
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Northwestern $150k Deferral

Postby StrictlyBusiness » Fri Mar 16, 2012 3:18 pm

I still have a relatively large number of unknowns about $ and even decisions, but is anyone accepting or considering accepting this offer from Northwestern? Right now I have U Chicago and NYU as other options, but have yet to hear anything about money from either.

My main questions are about what they expect you to do with the year off. Will they offer any help finding a relevant job for the next year? If not, I feel like it will be difficult to find anything this late that could be considered valuable experience, and companies aren't too likely to hire someone they know is bouncing in a year.

I've read this thread comparing NYU and NU, but the details of a deferred year seem to be iffy.
viewtopic.php?f=1&t=180084

I'm also curious about how a deferred scholarship can be used as a bargaining chip. Does U Chicago even consider NU $$ as a peer school and how does the year off impact that? What about more closely ranked schools like Duke?

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izy223
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Re: Northwestern $150k Deferral

Postby izy223 » Fri Mar 16, 2012 6:07 pm

im in the same boat as you. NU just offered me 150 to defer one year... if i can leverage this for 75 from NYU NYU will win for sure

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bernaldiaz
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Re: Northwestern $150k Deferral

Postby bernaldiaz » Fri Mar 16, 2012 7:49 pm

You guys have great numbers. No HYS options?

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sunynp
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Re: Northwestern $150k Deferral

Postby sunynp » Fri Mar 16, 2012 8:00 pm

I'm sorry, I don't understand why you can't find a job on your own? It doesn't have to be a great job, just a job. Or learn a language. Or travel. Or stay home and play video games.

To turn down that much money, plus the interest, plus the time and effort you will have to put into repaying $150,000, should you have to borrow it, seems extremely foolish to me.

I guess I value money more than you do.

If you don't want to listen to my opinion, find a decent financial advisor, shell out some money and get them to do the analysis for you. I just don't think any reputable financial advisor is going to tell you to pass up this windfall. Who else is giving you $150,000? Do you have a lot of other offers?

You have to remember, this is real money you are talking about. Not the hypothetical money you might be making should you start your biglaw career, which is far from certain. The only certain thing you have is the scholarship.

The other certain thing is that we are living in a very competitive job market and it is very easy to slip off the path.

As for negotiating, I would go hard after the other schools. All they can tell you is no. They aren't going to hold it against you for trying to get as much as you can. I don't know if anyone has successfully leveraged this scholarship or not. But good luck with it.

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StrictlyBusiness
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Re: Northwestern $150k Deferral

Postby StrictlyBusiness » Sun Mar 18, 2012 10:24 am

sunynp wrote:I'm sorry, I don't understand why you can't find a job on your own? It doesn't have to be a great job, just a job. Or learn a language. Or travel. Or stay home and play video games.

...

As for negotiating, I would go hard after the other schools. All they can tell you is no. They aren't going to hold it against you for trying to get as much as you can. I don't know if anyone has successfully leveraged this scholarship or not. But good luck with it.


I'm sorry this came across as having no value of money, that certainly isn't the case, though I am very fortunate to have parents who will at least loan me money so that I can avoid interest on whatever debt I take on. That will be a huge factor for me, and I think any financial advisor would recognize this.

That being said, if my options are another t14 at sticker and my NU offer, you're right, I would be crazy not to take NU.

There are obviously going to be more variables than this, and though I'm sure I could find a decent job on my own, it would also be helpful if Northwestern was able to help place me in a somewhat legally-oriented position.

Northwestern wants me to take a year off to gain experience, not to play video games obviously. I've also put a good bit of thought into some travel and language options, my question was geared more towards how people have handled this option, not how crazy it is to turn down so much money.

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StrictlyBusiness
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Re: Northwestern $150k Deferral

Postby StrictlyBusiness » Sun Mar 18, 2012 10:26 am

bernaldiaz wrote:You guys have great numbers. No HYS options?



Only applied to H, they're playing hard to get with me so far.

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sunynp
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Re: Northwestern $150k Deferral

Postby sunynp » Sun Mar 18, 2012 10:28 am

StrictlyBusiness wrote:
sunynp wrote:I'm sorry, I don't understand why you can't find a job on your own? It doesn't have to be a great job, just a job. Or learn a language. Or travel. Or stay home and play video games.

...

As for negotiating, I would go hard after the other schools. All they can tell you is no. They aren't going to hold it against you for trying to get as much as you can. I don't know if anyone has successfully leveraged this scholarship or not. But good luck with it.


I'm sorry this came across as having no value of money, that certainly isn't the case, though I am very fortunate to have parents who will at least loan me money so that I can avoid interest on whatever debt I take on. That will be a huge factor for me, and I think any financial advisor would recognize this.

That being said, if my options are another t14 at sticker and my NU offer, you're right, I would be crazy not to take NU.

There are obviously going to be more variables than this, and though I'm sure I could find a decent job on my own, it would also be helpful if Northwestern was able to help place me in a somewhat legally-oriented position.

Northwestern wants me to take a year off to gain experience, not to play video games obviously. I've also put a good bit of thought into some travel and language options, my question was geared more towards how people have handled this option, not how crazy it is to turn down so much money.

Sorry. I misunderstood the OP. There must be people here who have experience with this situation. I don't go to Northwestern but many people here do. FWIW: I have never heard that Northwestern requires a certain type of job or that they will help you find one.

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MissElphaba
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Re: Northwestern $150k Deferral

Postby MissElphaba » Sun Mar 18, 2012 1:41 pm

I'm considering the Northwestern Deferral offer as well. It's definitely a really tough decision when you're choosing that or partial scholarships at higher ranked schools without the year's wait. I'm also a little bit concerned about how the older average age of the students affects the culture there and what it's like there for young 'uns like me. Good luck with the decision!

bruss
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Re: Northwestern $150k Deferral

Postby bruss » Sun Mar 18, 2012 3:29 pm

So you guys have your panties in a bunch because you have to sit out a year? Wow. Either go to another school and pay out the ass, or take a break for a year and not be a slave to money once you graduate. Why not teach abroad for a year or read.

kaiser
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Re: Northwestern $150k Deferral

Postby kaiser » Sun Mar 18, 2012 3:33 pm

A year off could be the absolute best thing you ever did. Its far from a bad thing. The fact that they are paying you to defer is even better. I'd take that in a second, have the most rewarding and interesting year of my life (one that will make for some killer OCI stories), and then enjoy the 150K scholarship, knowing I will graduate from a top school with minimal debt.

071816
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Re: Northwestern $150k Deferral

Postby 071816 » Sun Mar 18, 2012 4:25 pm

I would've given my left nut to get a 150k deferral from NU last year. Sounds like a sweet deal.

ETA: Basically what kaiser said.

HellOnHeels
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Re: Northwestern $150k Deferral

Postby HellOnHeels » Sun Mar 18, 2012 4:55 pm

why are they offering paid deferrals? have too many accepted their offers and now their incoming class will be too large?

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StrictlyBusiness
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Re: Northwestern $150k Deferral

Postby StrictlyBusiness » Sun Mar 18, 2012 4:58 pm

stephinmd wrote:why are they offering paid deferrals? have too many accepted their offers and now their incoming class will be too large?


They prefer work experience, and I have none.

HellOnHeels
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Re: Northwestern $150k Deferral

Postby HellOnHeels » Sun Mar 18, 2012 5:00 pm

StrictlyBusiness wrote:
stephinmd wrote:why are they offering paid deferrals? have too many accepted their offers and now their incoming class will be too large?


They prefer work experience, and I have none.

that's kind of nice! i hope you're able to find an awesome job for a year. maybe teach english overseas?

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StrictlyBusiness
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Re: Northwestern $150k Deferral

Postby StrictlyBusiness » Sun Mar 18, 2012 5:04 pm

stephinmd wrote:
StrictlyBusiness wrote:
stephinmd wrote:why are they offering paid deferrals? have too many accepted their offers and now their incoming class will be too large?


They prefer work experience, and I have none.

that's kind of nice! i hope you're able to find an awesome job for a year. maybe teach english overseas?


I've seen this suggested several times, here and elsewhere. How does one go about getting such a job? I'd love to do it, I just wouldn't even know where to start. Also I speak crappy Spanish and nothing else if that's even relevant.

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sunynp
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Re: Northwestern $150k Deferral

Postby sunynp » Sun Mar 18, 2012 5:14 pm

stephinmd wrote:
StrictlyBusiness wrote:
stephinmd wrote:why are they offering paid deferrals? have too many accepted their offers and now their incoming class will be too large?


They prefer work experience, and I have none.

that's kind of nice! i hope you're able to find an awesome job for a year. maybe teach english overseas?


They are also pre-building their class for next year. I guess they have calculated how much it is worth to them to get committed students for next year's class.

adoseofwendy
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Re: Northwestern $150k Deferral

Postby adoseofwendy » Tue Mar 19, 2013 3:21 am

Did everyone who's getting these scholarships already hear back about it? I would love to get that since I wanted to defer a year anyway..

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Micdiddy
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Re: Northwestern $150k Deferral

Postby Micdiddy » Tue Mar 19, 2013 3:24 am

adoseofwendy wrote:Did everyone who's getting these scholarships already hear back about it? I would love to get that since I wanted to defer a year anyway..


Seriously if NU offered me this I would probably snap take it.

adoseofwendy
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Re: Northwestern $150k Deferral

Postby adoseofwendy » Tue Mar 19, 2013 3:25 am

Micdiddy wrote:
adoseofwendy wrote:Did everyone who's getting these scholarships already hear back about it? I would love to get that since I wanted to defer a year anyway..


Seriously if NU offered me this I would probably snap take it.


Same. I got a scholarship from Chicago but I'm not sure if they'll let me defer and keep it :/..

I'm curious if NU is still giving these out.

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rinkrat19
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Re: Northwestern $150k Deferral

Postby rinkrat19 » Tue Mar 19, 2013 3:37 am

NU gives these to high GPA/high LSAT applicants with no WE. No, they don't help you get a job. Yes, they kind of expect you to get a job. No, they don't really care what the job is. It certainly doesn't have to be law-related. They're trading you the $150k for your high numbers and the ability to include you in the 90% of students with WE or whatever it is.

Teaching English overseas would probably be a great option. I know at least one guy who did that in China before coming to LS (he's not a deferral guy, just a regular applicant). He says his classes were mostly teaching American slang and helping his students read from American magazines he had people send him from home.

I don't know how to find those jobs but I'm pretty sure you don't need to know any of the language. They're typically at schools where everything is taught in English.

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rickgrimes69
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Re: Northwestern $150k Deferral

Postby rickgrimes69 » Tue Mar 19, 2013 7:25 am

StrictlyBusiness wrote:
stephinmd wrote:
StrictlyBusiness wrote:
stephinmd wrote:why are they offering paid deferrals? have too many accepted their offers and now their incoming class will be too large?


They prefer work experience, and I have none.

that's kind of nice! i hope you're able to find an awesome job for a year. maybe teach english overseas?


I've seen this suggested several times, here and elsewhere. How does one go about getting such a job? I'd love to do it, I just wouldn't even know where to start. Also I speak crappy Spanish and nothing else if that's even relevant.


There are programs - TEFL is the most popular - that prepare you and (in some cases) help you find a job. I have friends that are teaching in Central Europe and SE Asia. Asia is the way to go right now - there is a HUGE demand for English tutors over there, and they make a living wage.

Otherwise, I would throw in the suggestion of getting a job as a paralegal to see how you like the legal environment. Working as a paralegal taught me tons of valuable skills that will give you a definite leg up on the competition.

Take a year off. Have some fun. Explore. You won't regret it.

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PDaddy
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Re: Northwestern $150k Deferral

Postby PDaddy » Tue Mar 19, 2013 7:49 am

HellOnHeels wrote:
StrictlyBusiness wrote:
stephinmd wrote:why are they offering paid deferrals? have too many accepted their offers and now their incoming class will be too large?


They prefer work experience, and I have none.

that's kind of nice! i hope you're able to find an awesome job for a year. maybe teach english overseas?


Don't worry too much about the type of job. Do something you will really get into...something through which you will gain valuable experience that will enhance your perspective and give you leadership skills - or a chance to polish them.

I think they would love some type of banking or financial experience, anything from tellering (which involves some sales and consulting) to financial advisor, the latter if which can take a few years to get the hang of, depending...

Teach for America or working with a non-profit are also options. They are really just looking for you to to any job that can enhance your world perspective and, by extension, your legal education and career. They are also looking for you to gain some leadership opportunities. Even being a janitor can do that.

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star fox
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Re: Northwestern $150k Deferral

Postby star fox » Tue Mar 19, 2013 3:05 pm

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Last edited by star fox on Wed Mar 20, 2013 2:48 am, edited 1 time in total.

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star fox
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Re: Northwestern $150k Deferral

Postby star fox » Tue Mar 19, 2013 3:06 pm

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Last edited by star fox on Wed Mar 20, 2013 2:48 am, edited 1 time in total.

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StrictlyBusiness
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Re: Northwestern $150k Deferral

Postby StrictlyBusiness » Tue Mar 19, 2013 8:53 pm

This thread's actually from this time last year, and I'm now a 1L at UChicago, but I'll provide a little update on what I discovered.

I asked them about any type of job-search help they provided (none) and about whether they had any preference for where I worked (also none).

I then decided, rather impatiently, to tell NU that I didn't want to take the year off and asked if they'd maintain the scholarship for this year, and at the time I had $60k from Chicago and $120k from Duke to show them. They decided to give me $120k for this year which I would have taken had Chicago not given me an extra $30k. HLS waitlisted me in June and by that time I had already mentally committed to Chicago, so here I am.

I'm definitely happy with my decision and wouldn't change much, but at the same time, I know people at NW who are equally happy, so being there with a full ride would have been great as well. That said, I'll end up graduating from Chicago with under $100k in debt, so I don't think I messed up by paying a little more.




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