How far into debt would you go to attend UCLA?

(Rankings, Profiles, Tuition, Student Life, . . . )

Is 150k of debt a reasonable debt load to attend UCLA? Payment is $1750 a month

Reasonable
35
42%
Not Reasonable
48
58%
 
Total votes: 83

Snake90
Posts: 32
Joined: Wed Dec 07, 2011 3:16 am

How far into debt would you go to attend UCLA?

Postby Snake90 » Mon Apr 30, 2012 9:16 pm

I will have to take out ~ 150k in order to attend UCLA including living expenses. Does that make sense? Payments would be ~ $1,750 per month.

Is that totally unreasonable unless I get a job in a big firm paying 140 k + per year? Or is it a reasonable investment?

slsorhls
Posts: 91
Joined: Thu Mar 15, 2012 9:50 pm

Re: How far into debt would you go to attend UCLA?

Postby slsorhls » Mon Apr 30, 2012 9:21 pm

Personally I'm really unsure about going into that much debt for HLS or SLS, let alone UCLA.

Mal Reynolds
Posts: 12630
Joined: Mon Oct 03, 2011 12:16 am

Re: How far into debt would you go to attend UCLA?

Postby Mal Reynolds » Mon Apr 30, 2012 9:24 pm

slsorhls wrote:Personally I'm really unsure about going into that much debt for HLS or SLS, let alone UCLA.


This is more derpy than your Truth about Yale thread.

However OP, I would be scared to take that much at UCLA. Although I do know someone who got Irell biglaw from UCLA this year at OCI. So it's possible to get a damn good job from there.

Golden Bear 11
Posts: 169
Joined: Fri Feb 03, 2012 1:21 am

Re: How far into debt would you go to attend UCLA?

Postby Golden Bear 11 » Mon Apr 30, 2012 9:29 pm

No USC @ 22K/year?

User avatar
zozin
Posts: 3733
Joined: Thu Apr 09, 2009 10:13 pm

Re: How far into debt would you go to attend UCLA?

Postby zozin » Mon Apr 30, 2012 9:37 pm

50K/year w/ 3% increase each year = ~$183,000 owed at graduation.
10-year plan $2117/month, ~$261,000 for the degree.

Your numbers are off. :wink:

AffordablePrep
Posts: 357
Joined: Mon Aug 01, 2011 10:27 am

Re: How far into debt would you go to attend UCLA?

Postby AffordablePrep » Mon Apr 30, 2012 9:39 pm

It's not that bad if it includes COL.... LA is expensive. Is full tuition only 50k for you?

Snake90
Posts: 32
Joined: Wed Dec 07, 2011 3:16 am

Re: How far into debt would you go to attend UCLA?

Postby Snake90 » Mon Apr 30, 2012 9:46 pm

Golden Bear 11 wrote:No USC @ 22K/year?


That is still an option, but since I would really like to go to UCLA, I want to see if taking that sort of debt is just a ludicrous idea or reasonable. If its just a non starter, I'll be a trojan in the fall.

Snake90
Posts: 32
Joined: Wed Dec 07, 2011 3:16 am

Re: How far into debt would you go to attend UCLA?

Postby Snake90 » Mon Apr 30, 2012 9:48 pm

AffordablePrep wrote:It's not that bad if it includes COL.... LA is expensive. Is full tuition only 50k for you?


Yup! Because my family is in LA, I can get some help that I couldn't get elsewhere... 38,500 for tuition and about 12k in living expenses should cover it.

slsorhls
Posts: 91
Joined: Thu Mar 15, 2012 9:50 pm

Re: How far into debt would you go to attend UCLA?

Postby slsorhls » Mon Apr 30, 2012 9:51 pm

Snake90 wrote:
Golden Bear 11 wrote:No USC @ 22K/year?


That is still an option, but since I would really like to go to UCLA, I want to see if taking that sort of debt is just a ludicrous idea or reasonable. If its just a non starter, I'll be a trojan in the fall.


USC is offering more than UCLA? UCLA has refused to match? Go to USC, hands down. Both schools are the best/equivalent at placement in LA. Even if UCLA is slightly better, I can't see any strong reason to go there if the money is better at USC.

Snake90
Posts: 32
Joined: Wed Dec 07, 2011 3:16 am

Re: How far into debt would you go to attend UCLA?

Postby Snake90 » Mon Apr 30, 2012 9:53 pm

zozin wrote:50K/year w/ 3% increase each year = ~$183,000 owed at graduation.
10-year plan $2117/month, ~$261,000 for the degree.

Your numbers are off. :wink:


How did you get at that 183k number? Am I calculating the numbers wrong? ( 3% increase of 50,000 is 51,150 and a 3% increase on that is 53,345. = 154,500 ?)

Snake90
Posts: 32
Joined: Wed Dec 07, 2011 3:16 am

Re: How far into debt would you go to attend UCLA?

Postby Snake90 » Mon Apr 30, 2012 9:55 pm

slsorhls wrote:
Snake90 wrote:
Golden Bear 11 wrote:No USC @ 22K/year?


That is still an option, but since I would really like to go to UCLA, I want to see if taking that sort of debt is just a ludicrous idea or reasonable. If its just a non starter, I'll be a trojan in the fall.


USC is offering more than UCLA? UCLA has refused to match? Go to USC, hands down. Both schools are the best/equivalent at placement in LA. Even if UCLA is slightly better, I can't see any strong reason to go there if the money is better at USC.



UCLA might offer some more post May 1st deadline, and if they don't offer more I'll go to USC. Just want to gauge the debt load a bit...

AffordablePrep
Posts: 357
Joined: Mon Aug 01, 2011 10:27 am

Re: How far into debt would you go to attend UCLA?

Postby AffordablePrep » Mon Apr 30, 2012 10:07 pm

Snake90 wrote:
slsorhls wrote:
Snake90 wrote:
Golden Bear 11 wrote:No USC @ 22K/year?


That is still an option, but since I would really like to go to UCLA, I want to see if taking that sort of debt is just a ludicrous idea or reasonable. If its just a non starter, I'll be a trojan in the fall.


USC is offering more than UCLA? UCLA has refused to match? Go to USC, hands down. Both schools are the best/equivalent at placement in LA. Even if UCLA is slightly better, I can't see any strong reason to go there if the money is better at USC.



UCLA might offer some more post May 1st deadline, and if they don't offer more I'll go to USC. Just want to gauge the debt load a bit...

15k a year is way too big of a difference. usc is just as good.

Mal Reynolds
Posts: 12630
Joined: Mon Oct 03, 2011 12:16 am

Re: How far into debt would you go to attend UCLA?

Postby Mal Reynolds » Mon Apr 30, 2012 10:32 pm

Snake90 wrote:
zozin wrote:50K/year w/ 3% increase each year = ~$183,000 owed at graduation.
10-year plan $2117/month, ~$261,000 for the degree.

Your numbers are off. :wink:


How did you get at that 183k number? Am I calculating the numbers wrong? ( 3% increase of 50,000 is 51,150 and a 3% increase on that is 53,345. = 154,500 ?)


Why are you compounding the numbers by only 3%?

Snake90
Posts: 32
Joined: Wed Dec 07, 2011 3:16 am

Re: How far into debt would you go to attend UCLA?

Postby Snake90 » Mon Apr 30, 2012 10:35 pm

Mal Reynolds wrote:
Snake90 wrote:
zozin wrote:50K/year w/ 3% increase each year = ~$183,000 owed at graduation.
10-year plan $2117/month, ~$261,000 for the degree.

Your numbers are off. :wink:


How did you get at that 183k number? Am I calculating the numbers wrong? ( 3% increase of 50,000 is 51,150 and a 3% increase on that is 53,345. = 154,500 ?)


Why are you compounding the numbers by only 3%?


I was just using the numbers that MalReynolds used. "50K/year w/ 3% increase each year = ~$183,000 owed at graduation. "

User avatar
Tiago Splitter
Posts: 15515
Joined: Tue Jun 28, 2011 1:20 am

Re: How far into debt would you go to attend UCLA?

Postby Tiago Splitter » Mon Apr 30, 2012 10:48 pm

50K to start with 3% increases in COA leads to $177,986 indebtedness at graduation.

--LinkRemoved--

Snake90
Posts: 32
Joined: Wed Dec 07, 2011 3:16 am

Re: How far into debt would you go to attend UCLA?

Postby Snake90 » Mon Apr 30, 2012 10:53 pm

Tiago Splitter wrote:50K to start with 3% increases in COA leads to $177,986 indebtedness at graduation.

--LinkRemoved--



ahh, I see the confusion. tuition is 38,000 with 12k living expenses = 150000. Not 50k + 20k living. (Family is from LA so certain COL costs are taken care of)

User avatar
Tiago Splitter
Posts: 15515
Joined: Tue Jun 28, 2011 1:20 am

Re: How far into debt would you go to attend UCLA?

Postby Tiago Splitter » Mon Apr 30, 2012 10:57 pm

Snake90 wrote:
Tiago Splitter wrote:50K to start with 3% increases in COA leads to $177,986 indebtedness at graduation.

--LinkRemoved--



ahh, I see the confusion. tuition is 38,000 with 12k living expenses = 150000. Not 50k + 20k living. (Family is from LA so certain COL costs are taken care of)


I'm not sure you do see the confusion. If you take out 50K per year in loans, you will graduate with far more than 150K in debt because interest accumulates during law school.

Snake90
Posts: 32
Joined: Wed Dec 07, 2011 3:16 am

Re: How far into debt would you go to attend UCLA?

Postby Snake90 » Mon Apr 30, 2012 11:01 pm

Tiago Splitter wrote:
Snake90 wrote:
Tiago Splitter wrote:50K to start with 3% increases in COA leads to $177,986 indebtedness at graduation.

--LinkRemoved--



ahh, I see the confusion. tuition is 38,000 with 12k living expenses = 150000. Not 50k + 20k living. (Family is from LA so certain COL costs are taken care of)


I'm not sure you do see the confusion. If you take out 50K per year in loans, you will graduate with far more than 150K in debt because interest accumulates during law school.



Oh yes, I see now. Damn it!

User avatar
FlanAl
Posts: 1474
Joined: Fri Mar 12, 2010 4:53 pm

Re: How far into debt would you go to attend UCLA?

Postby FlanAl » Mon Apr 30, 2012 11:06 pm

Do you have other career alternatives? I think it is definitely worth it if you have a liberal arts degree and are stuck being underemployed etc.. UCLA is a good school but if you could get 40k a year to do something else probably better to do that for a few years, save some money and then not have to deal with that lame compounding interest.

Snake90
Posts: 32
Joined: Wed Dec 07, 2011 3:16 am

Re: How far into debt would you go to attend UCLA?

Postby Snake90 » Mon Apr 30, 2012 11:32 pm

FlanAl wrote:Do you have other career alternatives? I think it is definitely worth it if you have a liberal arts degree and are stuck being underemployed etc.. UCLA is a good school but if you could get 40k a year to do something else probably better to do that for a few years, save some money and then not have to deal with that lame compounding interest.



I think that what I will try to do is 1) live at home. 2) Go to USC (22k a year(( but 5 k more than UCLA) unless UCLA raises its offer. That would eliminate a big COL burden and I would only take out around 30k a year. That would be much more reasonable.

SaintFond
Posts: 120
Joined: Tue Mar 20, 2012 6:19 pm

Re: How far into debt would you go to attend UCLA?

Postby SaintFond » Tue May 01, 2012 12:23 am

I wouldn't do 150K at UCLA in this economy, unless you somehow KNEW you could pull top 20% there.

AffordablePrep
Posts: 357
Joined: Mon Aug 01, 2011 10:27 am

Re: How far into debt would you go to attend UCLA?

Postby AffordablePrep » Tue May 01, 2012 1:50 am

SaintFond wrote:I wouldn't do 150K at UCLA in this economy, unless you somehow KNEW you could pull top 20% there.

if usc wasn't there, i think ucla at 150k total debt is not that bad. i don't think top 20% would be necessary - def above average, but top 20% prob not needed to make it an okay choice if OP wants to be a lawyer. UCLA is also a good enough school that OP should be able to cut the debt down during the 2L summer at least a bit....

User avatar
Doorkeeper
Posts: 4872
Joined: Thu Jan 12, 2012 11:25 pm

Re: How far into debt would you go to attend UCLA?

Postby Doorkeeper » Tue May 01, 2012 10:35 am

Considering UCLA's biglaw placement, which is necessary to pay off such large loans, I probably would not think UCLA to be worth it (unless you had family contributions)

Paul Campos
Posts: 644
Joined: Mon Dec 12, 2011 9:44 am

Re: How far into debt would you go to attend UCLA?

Postby Paul Campos » Tue May 01, 2012 10:46 am

UCLA and USC are basically the same school for your purposes. That school isn't worth taking out $150K in loans (which as pointed out results in close to $180K in graduation debt). It might be worth taking out $90K in loans. The fact that you're even debating this is a sign of the extent to which 0Ls tend not to think of the money they're borrowing to go to law school as real money. Would you pay $60K extra for another model of the same car because you liked the color better and it had a sun roof?

User avatar
skers
Posts: 4950
Joined: Thu Jun 03, 2010 12:33 am

Re: How far into debt would you go to attend UCLA?

Postby skers » Tue May 01, 2012 10:48 am

Paul Campos wrote:UCLA and USC are basically the same school for your purposes. That school isn't worth taking out $150K in loans (which as pointed out results in close to $180K in graduation debt). It might be worth taking out $90K in loans. The fact that you're even debating this is a sign of the extent to which 0Ls tend not to think of the money they're borrowing to go to law school as real money. Would you pay $60K extra for another model of the same car because you liked the color better and it had a sun roof?


Hey, something's gotta pay those law prof salaries.




Return to “Choosing a Law School”

Who is online

Users browsing this forum: No registered users and 2 guests