NYU$$ possible more vs NU$$$

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NYU or NU

NYU (37.5 guaranteed- 45 if i do pi)
12
26%
NU (150 guaranteed + one year deferral)
35
74%
 
Total votes: 47

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izy223
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NYU$$ possible more vs NU$$$

Postby izy223 » Tue Apr 03, 2012 10:28 am

So basically here is the story.

I got into NYU with a 37.5k scholarship and was ecstatic then out of the blue NU sends me my acceptance and a 150k scholarship offer the only caveat is that i would need to defer for one year. I appealed my scholly to NYU and i was also hoping you could give me insight on the magic number that its worth not going to NU (should find out about my appeal this week) or whether or not im crazy and to just drop NYU and go to NU

My situation is this.

I am a born and bred New Yorker who wants to eventually practice Biglaw in NY , I have a SO and if i go to NU i know wed have to break up(not a huge deal but its in consideration). Also the forced deferral is annoying because i had already informed my bosses that i am planning on leaving in the summer and they have already set the motions to replace me. That and i want to start law school already- i would rather not push off the inevitable.

COA at NU will be just housing coming out to 60k after 3 years (which is all covered by staford so is interest free)

COA at NYU will be higher but my parents want me to stay in NY and are will to basically split the bill with me so I would say 200k with 100k accruing interest on my end. (though id rather not take money from then).

I have some savings and no UG debt- TLS what should i do?
Last edited by izy223 on Tue Apr 03, 2012 10:37 am, edited 1 time in total.

FloridaCoastalorbust
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Re: NYU$$ possible more vs NU$$$

Postby FloridaCoastalorbust » Tue Apr 03, 2012 10:32 am

Dump your s/o and take NYU

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Samara
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Re: NYU$$ possible more vs NU$$$

Postby Samara » Tue Apr 03, 2012 10:38 am

If you would have to break up with your SO to go to NU in a year, you might as well save everybody the pain and break up with your SO now, regardless of your choice. But putting that aside...

NU is the way to go. The debt difference is enormous and the biglaw prospects, even in NYC, aren't much better at NYU than NU. (You don't say if you want biglaw or PI. If PI, NYU might be worth it.) Why did you tell your boss this early? Have you asked if you could stay on? Why couldn't you get another job? If you got the forced deferral, doesn't that mean you are just graduating from UG? Taking some time off in between could do you a lot of good.

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izy223
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Re: NYU$$ possible more vs NU$$$

Postby izy223 » Tue Apr 03, 2012 10:43 am

Samara wrote:If you would have to break up with your SO to go to NU in a year, you might as well save everybody the pain and break up with your SO now, regardless of your choice. But putting that aside...

NU is the way to go. The debt difference is enormous and the biglaw prospects, even in NYC, aren't much better at NYU than NU. (You don't say if you want biglaw or PI. If PI, NYU might be worth it.) Why did you tell your boss this early? Have you asked if you could stay on? Why couldn't you get another job? If you got the forced deferral, doesn't that mean you are just graduating from UG? Taking some time off in between could do you a lot of good.



I want to do BigLaw,

I graduated from UG in February (graduated early on purpose so that i would have time off before law school) and basically got this job on the basis that i would be leaving at a certain date. I am working for a company whos principle product is coming out in August so they hired me to help streamline that process, once august hits i am no longer useful, I could find another job but is making 500 a week for a year (i dont think i could get a higher paying job) worth it?

I spoke to my boss and he said i could stay on if i elect not to go to law school but starting august he needs someone who he can train and will commit to more then just one year.

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franklyscarlet
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Re: NYU$$ possible more vs NU$$$

Postby franklyscarlet » Tue Apr 03, 2012 10:45 am

Think about the amount you'll save over 3 years, not the amount you'll earn over that year. heck, go volunteer or travel. I vote NU.

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Nelson
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Re: NYU$$ possible more vs NU$$$

Postby Nelson » Tue Apr 03, 2012 10:49 am

izy223 wrote:
Samara wrote:If you would have to break up with your SO to go to NU in a year, you might as well save everybody the pain and break up with your SO now, regardless of your choice. But putting that aside...

NU is the way to go. The debt difference is enormous and the biglaw prospects, even in NYC, aren't much better at NYU than NU. (You don't say if you want biglaw or PI. If PI, NYU might be worth it.) Why did you tell your boss this early? Have you asked if you could stay on? Why couldn't you get another job? If you got the forced deferral, doesn't that mean you are just graduating from UG? Taking some time off in between could do you a lot of good.



I want to do BigLaw,

I graduated from UG in February (graduated early on purpose so that i would have time off before law school) and basically got this job on the basis that i would be leaving at a certain date. I am working for a company whos principle product is coming out in August so they hired me to help streamline that process, once august hits i am no longer useful, I could find another job but is making 500 a week for a year (i dont think i could get a higher paying job) worth it?

I spoke to my boss and he said i could stay on if i elect not to go to law school but starting august he needs someone who he can train and will commit to more then just one year.

I think I can understand taking NYU this year even if it's not the most objectively rational choice. If you had a job or a plan for the gap year, I would say defer. But if you're going to end up job searching for 6 months and also screwing with your personal life, just go to NYU next year.

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Samara
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Re: NYU$$ possible more vs NU$$$

Postby Samara » Tue Apr 03, 2012 10:49 am

izy223 wrote:
Samara wrote:If you would have to break up with your SO to go to NU in a year, you might as well save everybody the pain and break up with your SO now, regardless of your choice. But putting that aside...

NU is the way to go. The debt difference is enormous and the biglaw prospects, even in NYC, aren't much better at NYU than NU. (You don't say if you want biglaw or PI. If PI, NYU might be worth it.) Why did you tell your boss this early? Have you asked if you could stay on? Why couldn't you get another job? If you got the forced deferral, doesn't that mean you are just graduating from UG? Taking some time off in between could do you a lot of good.



I want to do BigLaw,

I graduated from UG in February (graduated early on purpose so that i would have time off before law school) and basically got this job on the basis that i would be leaving at a certain date. I am working for a company whos principle product is coming out in August so they hired me to help streamline that process, once august hits i am no longer useful, I could find another job but is making 500 a week for a year (i dont think i could get a higher paying job) worth it?

I spoke to my boss and he said i could stay on if i elect not to go to law school but starting august he needs someone who he can train and will commit to more then just one year.

I mean, I think it is. I am so glad that I took time off to gain work experience before going to law school. And even if you're making a little less, it's a pittance compared to the huge reduction in debt you're getting from NU. And having work experience will help you at OCI.

If you start networking and job hunting now, who knows what you'll be able to leverage your current position into. Treat your current job like a career, don't resign yourself to a crappy entry-level job and you should be able to at least lateral into a similar position. Basically, you have five months to get a decent job offer. You don't think you can do that?

woeisme
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Re: NYU$$ possible more vs NU$$$

Postby woeisme » Tue Apr 03, 2012 10:49 am

izy223 wrote:So basically here is the story.

I got into NYU with a 37.5k scholarship and was ecstatic then out of the blue NU sends me my acceptance and a 150k scholarship offer the only caveat is that i would need to defer for one year. I appealed my scholly to NYU and i was also hoping you could give me insight on the magic number that its worth not going to NU (should find out about my appeal this week) or whether or not im crazy and to just drop NYU and go to NU

My situation is this.

I am a born and bred New Yorker who wants to eventually practice Biglaw in NY , I have a SO and if i go to NU i know wed have to break up(not a huge deal but its in consideration). Also the forced deferral is annoying because i had already informed my bosses that i am planning on leaving in the summer and they have already set the motions to replace me. That and i want to start law school already- i would rather not push off the inevitable.

COA at NU will be just housing coming out to 60k after 3 years (which is all covered by staford so is interest free)

COA at NYU will be higher but my parents want me to stay in NY and are will to basically split the bill with me so I would say 200k with 100k accruing interest on my end. (though id rather not take money from then).

I have some savings and no UG debt- TLS what should i do?


Not that anyone would ever do this, but would NU allow you to just start right away without a scholarship? I imagine not. Anyway, I don't think your significant other should factor into this decision too strongly since you don't seem to be all that serious. If your goal is NYC, I'd do NYU here. You can take comfort knowing that either of these options is pretty good though; there really isn't a "wrong" choice here. Visit NU just to make sure it's not heaven on earth and then just deposit at NYU.

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izy223
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Re: NYU$$ possible more vs NU$$$

Postby izy223 » Tue Apr 03, 2012 10:51 am

woeisme wrote:
izy223 wrote:So basically here is the story.

I got into NYU with a 37.5k scholarship and was ecstatic then out of the blue NU sends me my acceptance and a 150k scholarship offer the only caveat is that i would need to defer for one year. I appealed my scholly to NYU and i was also hoping you could give me insight on the magic number that its worth not going to NU (should find out about my appeal this week) or whether or not im crazy and to just drop NYU and go to NU

My situation is this.

I am a born and bred New Yorker who wants to eventually practice Biglaw in NY , I have a SO and if i go to NU i know wed have to break up(not a huge deal but its in consideration). Also the forced deferral is annoying because i had already informed my bosses that i am planning on leaving in the summer and they have already set the motions to replace me. That and i want to start law school already- i would rather not push off the inevitable.

COA at NU will be just housing coming out to 60k after 3 years (which is all covered by staford so is interest free)

COA at NYU will be higher but my parents want me to stay in NY and are will to basically split the bill with me so I would say 200k with 100k accruing interest on my end. (though id rather not take money from then).

I have some savings and no UG debt- TLS what should i do?


Not that anyone would ever do this, but would NU allow you to just start right away without a scholarship? I imagine not. Anyway, I don't think your significant other should factor into this decision too strongly since you don't seem to be all that serious. If your goal is NYC, I'd do NYU here. You can take comfort knowing that either of these options is pretty good though; there really isn't a "wrong" choice here. Visit NU just to make sure it's not heaven on earth and then just deposit at NYU.


+1

CanadianWolf
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Re: NYU$$ possible more vs NU$$$

Postby CanadianWolf » Tue Apr 03, 2012 11:12 am

Northwestern.

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20130312
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Re: NYU$$ possible more vs NU$$$

Postby 20130312 » Tue Apr 03, 2012 11:17 am

Maybe I just missed it, but can you speak to the "possibly more if PI" at NYU?

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Nelson
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Re: NYU$$ possible more vs NU$$$

Postby Nelson » Tue Apr 03, 2012 11:20 am

InGoodFaith wrote:Maybe I just missed it, but can you speak to the "possibly more if PI" at NYU?

Many of NYU's scholarship offers have a clause in them where you get more money if you go into PI.

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Tiago Splitter
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Re: NYU$$ possible more vs NU$$$

Postby Tiago Splitter » Tue Apr 03, 2012 12:00 pm

Nelson wrote:
InGoodFaith wrote:Maybe I just missed it, but can you speak to the "possibly more if PI" at NYU?

Many of NYU's scholarship offers have a clause in them where you get more money if you go into PI.


Typically 5/6ths of the scholly is guaranteed, and the final sixth kicks in if you work PI during your 2L summer. So this one would be 37.5K/45K.

izy223 wrote:COA at NU will be just housing coming out to 60k after 3 years (which is all covered by staford so is interest free)


Should also point out that this is incorrect. You will be paying interest on all 60K of those loans, starting the moment you take them.

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StrictlyBusiness
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Re: NYU$$ possible more vs NU$$$

Postby StrictlyBusiness » Tue Apr 03, 2012 12:02 pm

I'm in a similar boat (150k deferred, 60k Chicago, waiting to hear from NYU/Duke about money, still hoping for Harvard admit)

My body is telling me everywhere but NU but my mind is saying NU all the way. Unless I see much more competitive money elsewhere I'll be siding with my mind.

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bk1
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Re: NYU$$ possible more vs NU$$$

Postby bk1 » Tue Apr 03, 2012 12:12 pm

I'd take NU. The difference isn't large enough and 1 year isn't a big deal (I'm sure you could line up another job in the next 4 months). But the real kicker is: debt blows.

Renzo
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Re: NYU$$ possible more vs NU$$$

Postby Renzo » Tue Apr 03, 2012 12:42 pm

As a proud (soon to be) NYU alum, I'd say go to Northwestern.

NU's biglaw placement is good, that is a huge amount of money, and the deferral will be good for you all around. Having an additional year of full-time work, even if it isn't glamourous, will help during interviews, and will continue to help you once you start as a summer associate.

dixiecupdrinking
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Re: NYU$$ possible more vs NU$$$

Postby dixiecupdrinking » Tue Apr 03, 2012 12:43 pm

Are you saying that your parents will kick in $100k, but only if you go to NYU? If so, you are *sort of* looking at $137.5 from NYU today versus $150k from NU next year. I get that you don't want to take your parents money and so on, which is valid (especially since they seem to be conditioning it on making decisions that aren't necessarily in your best interests). But still. It sounds like your debt load will be around $100k at NYU versus $60k from NU, plus interest? I think that is basically a toss-up, with advantage going to NYU due to the year deferral.

However, if I'm misunderstanding the parental money situation, this NYU 2L says NU all the way.

chasgoose
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Re: NYU$$ possible more vs NU$$$

Postby chasgoose » Tue Apr 03, 2012 1:43 pm

NYU, especially for someone who knows they want to work in NYC for sure is worth about 50-75k more than Northwestern. You will have an easier time getting a job from NYU than you will from Northwestern in NYC. Also, you have to remember that, coming straight from UG, you will be at a disadvantage with your peers at Northwestern who almost all have decent WE. Even with your forced year off, I doubt you are going to have an easy time finding a job if you tell potential employers that you will be leaving after a year to go to law school (if you choose NU, I would recommend looking at paralegal gigs at big NYC law firms now since they might at least be understanding about leaving after a year and that would be relevant WE for big law hiring purposes). At most law schools, unless you are at the top or bottom, the middle gets somewhat indistinguishable, even if you are at the top of that middle group at NU you will be competing for jobs with people with much better resumes. NYU is more straight-through friendly in that sense. They even have a forced resume format that is more friendly to straight-throughs by minimizing work experience (obviously it still matters, but its less front and center). Aside from that, you simply won't have to do as well at NYU to have the same job opportunities as you would from NU.

That said, I would only be willing to pay about $50-75k more for the bump NYU offers over NU. You might get a slight bump by negotiating with the NU scholarship, but not that much more. Unless you are willing to take your parents up on their offer to subsidize up to half of NYU, NU is probably the correct answer. If the parental money is still on the table, I would probably take NYU.

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Re: NYU$$ possible more vs NU$$$

Postby FryBreadPower » Tue Apr 03, 2012 1:56 pm

chasgoose wrote:That said, I would only be willing to pay about $50-75k more for the bump NYU offers over NU. You might get a slight bump by negotiating with the NU scholarship, but not that much more. Unless you are willing to take your parents up on their offer to subsidize up to half of NYU, NU is probably the correct answer. If the parental money is still on the table, I would probably take NYU.

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birdlaw117
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Re: NYU$$ possible more vs NU$$$

Postby birdlaw117 » Tue Apr 03, 2012 2:26 pm

You would also want to consider that you would be through a year (okay 8ish months) of paying down loans from NYU by the time you would be graduating from NU. You could also make more money prior to school if you choose NU. But if you are looking at this from a financial standpoint these should go into the calculus.

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bk1
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Re: NYU$$ possible more vs NU$$$

Postby bk1 » Tue Apr 03, 2012 4:56 pm

birdlaw117 wrote:You would also want to consider that you would be through a year (okay 8ish months) of paying down loans from NYU by the time you would be graduating from NU. You could also make more money prior to school if you choose NU. But if you are looking at this from a financial standpoint these should go into the calculus.


This easily favors NU. OP is basically making 110k+interest for the year that is taken off (assuming OP's salary and CoL for that year offset which is likely being a bit harsh). This is probably better than OP can hope for even in a best case scenario, but it is drastically better than what would happen in a worst case scenario. Hypothetical 10 year timeline:

1y Off --> 3y NU --> 5y biglaw --> 1y inhouse
3y NYU --> 5y biglaw --> 2y inhouse

OP is basically getting paid an extra year of after-taxes biglaw salary without having to work biglaw hours. But the timeline is generous considering 80% of people leave biglaw by year 5. There's also the chance that OP misses biglaw.

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Doorkeeper
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Re: NYU$$ possible more vs NU$$$

Postby Doorkeeper » Tue Apr 03, 2012 4:57 pm

FryBreadPower wrote:
chasgoose wrote:That said, I would only be willing to pay about $50-75k more for the bump NYU offers over NU. You might get a slight bump by negotiating with the NU scholarship, but not that much more. Unless you are willing to take your parents up on their offer to subsidize up to half of NYU, NU is probably the correct answer. If the parental money is still on the table, I would probably take NYU.

I agree with this.

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birdlaw117
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Re: NYU$$ possible more vs NU$$$

Postby birdlaw117 » Tue Apr 03, 2012 5:03 pm

bk1 wrote:OP is basically getting paid an extra year of after-taxes biglaw salary without having to work biglaw hours. But the timeline is generous considering 80% of people leave biglaw by year 5. There's also the chance that OP misses biglaw.

You also would have to consider that those biglaw years are all 1 year earlier, so time value of money actually plays a pretty big role (considering we are talking about adding a year 1 amount in comparison to a year 5 addition - not a perfect analysis because of raises, but you get the point). But this same thing is also a factor, albet less so, when talking about the 1 year off salary before going to NU.

I'm not really sure that it favors one decision over another, but it is worth thinking about.

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bk1
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Re: NYU$$ possible more vs NU$$$

Postby bk1 » Tue Apr 03, 2012 5:13 pm

birdlaw117 wrote:You also would have to consider that those biglaw years are all 1 year earlier, so time value of money actually plays a pretty big role (considering we are talking about adding a year 1 amount in comparison to a year 5 addition - not a perfect analysis because of raises, but you get the point). But this same thing is also a factor, albet less so, when talking about the 1 year off salary before going to NU.

I'm not really sure that it favors one decision over another, but it is worth thinking about.

I think there's a question of whether someone would stay in biglaw for the same amount of years whether they went now or later. While it seems that in most cases people would stay for the same # of years, if there are family considerations someone might stay a year less if they started a year later (which in that case might then be the comparison between last biglaw salary and the money saved). But since there is a real risk at both schools of not getting biglaw I don't see why you wouldn't frontload your money so you don't have to worry about soulcrushing debt in the case that things don't work out. Or if we look at the other end of the scale, someone who takes a clerkship prior to biglaw will save additional money since they won't have such a large amount of interest accruing while they are making a 60k salary and unable to pay down as much as if they went straight into biglaw.

I agree that it's something to consider but the fact that it's not a guarantee discounts that line of analysis.

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Re: NYU$$ possible more vs NU$$$

Postby keg411 » Tue Apr 03, 2012 5:15 pm

birdlaw117 wrote:
bk1 wrote:OP is basically getting paid an extra year of after-taxes biglaw salary without having to work biglaw hours. But the timeline is generous considering 80% of people leave biglaw by year 5. There's also the chance that OP misses biglaw.

You also would have to consider that those biglaw years are all 1 year earlier, so time value of money actually plays a pretty big role (considering we are talking about adding a year 1 amount in comparison to a year 5 addition - not a perfect analysis because of raises, but you get the point). But this same thing is also a factor, albet less so, when talking about the 1 year off salary before going to NU.

I'm not really sure that it favors one decision over another, but it is worth thinking about.


Time value of money is not a significant enough factor to not take the year off and go for the bigger scholarship. Mostly because the high interest on the type of debt OP would have to go into at NYU should make up for TVOM. OP, find a job for the year and go to NU.




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