Top-Law-Schools.comTLS
Home
Law School
Admissions
Law
Schools
Law
Students
TLS
Forums
 
Forum Index     Latest Posts     Forum Search     Mobile (on/off)     Forum Archives     See Also: Rankings/Profiles   Interviews   LSAT Prep   TLS Stats

TLS would like to remind its users that it is unlawful to share or distribute copies of copyrighted materials. Click here for copyright infringement notification information.


All times are UTC - 5 hours [ DST ]





Post new topic Reply to topic  [ 72 posts ]  Go to page 1, 2, 3  Next
Author Message
 Post subject: Is NYU at sticker worth it?
PostPosted: Tue May 15, 2012 11:40 am 
Offline

Joined: Fri Apr 20, 2012 3:45 pm
Posts: 18
Go.


Top
 Profile  
 
 Post subject: Re: Is NYU at sticker worth it?
PostPosted: Tue May 15, 2012 11:44 am 
Offline
User avatar

Joined: Sun Mar 14, 2010 7:06 pm
Posts: 20144
What a novel and interesting topic that hasn't been answered before in threads that can't be found via the search function.


Top
 Profile  
 
 Post subject: Re: Is NYU at sticker worth it?
PostPosted: Tue May 15, 2012 11:47 am 
Offline

Joined: Tue Mar 20, 2012 6:19 pm
Posts: 120
Yeah. I mean, there's still risk, but generally it's worthwhile.


Top
 Profile  
 
 Post subject: Re: Is NYU at sticker worth it?
PostPosted: Tue May 15, 2012 1:09 pm 
Offline

Joined: Sun Oct 26, 2008 2:39 pm
Posts: 1478
Depends.


Top
 Profile  
 
 Post subject: Re: Is NYU at sticker worth it?
PostPosted: Tue May 15, 2012 1:17 pm 
Offline

Joined: Thu May 06, 2010 10:56 pm
Posts: 3098
what is COA at NYU for 3 years (generally curious about the high living expenses of NYC)


Top
 Profile  
 
 Post subject: Re: Is NYU at sticker worth it?
PostPosted: Tue May 15, 2012 1:33 pm 
Offline
User avatar

Joined: Wed Dec 21, 2011 4:51 pm
Posts: 231
AssumptionRequired wrote:
what is COA at NYU for 3 years (generally curious about the high living expenses of NYC)


according to law school transparency Non-Discounted Cost Class of 2015: $272,724 http://www.lawschooltransparency.com/cl ... school=nyu

according to the NYU fin aid email i got its a little closer to 210k but i think that is because they dont take debt and interest into account but i could be completely guessing


Top
 Profile  
 
 Post subject: Re: Is NYU at sticker worth it?
PostPosted: Tue May 15, 2012 2:20 pm 
Offline

Joined: Fri Mar 14, 2008 4:23 pm
Posts: 177
There's probably an 80% chance it will be more than worth it, and a 10-20% chance you'll be in big trouble. A lot of people on this board seem comfortable with those odds, and it is certainly a reasonable decision to make. Personally I'm not sure I could go through with it, but I guess I'm slightly more risk-averse than many. That being said, I'll be taking out around 140k for a CCN, but at that level of debt I can lean on my SO if I graduate with a 50k a year non-LRAP job.

Also, check this out for determining the total debt you'll be facing when you graduate:
http://141.161.16.100/finaid/Georgetown ... entsV2.htm


Top
 Profile  
 
 Post subject: Re: Is NYU at sticker worth it?
PostPosted: Tue May 15, 2012 2:26 pm 
Offline
User avatar

Joined: Wed Nov 23, 2011 2:51 pm
Posts: 681
izy223 wrote:
AssumptionRequired wrote:
what is COA at NYU for 3 years (generally curious about the high living expenses of NYC)


according to law school transparency Non-Discounted Cost Class of 2015: $272,724 http://www.lawschooltransparency.com/cl ... school=nyu

according to the NYU fin aid email i got its a little closer to 210k but i think that is because they dont take debt and interest into account but i could be completely guessing


don't know if i trust those LST numbers. they quote Chicago COA as more expensive than NYC...


Top
 Profile  
 
 Post subject: Re: Is NYU at sticker worth it?
PostPosted: Tue May 15, 2012 2:41 pm 
Offline
User avatar

Joined: Tue Aug 11, 2009 1:00 am
Posts: 744
otnemem wrote:
There's probably an 80% chance it will be more than worth it, and a 10-20% chance you'll be in big trouble. A lot of people on this board seem comfortable with those odds, and it is certainly a reasonable decision to make. Personally I'm not sure I could go through with it, but I guess I'm slightly more risk-averse than many. That being said, I'll be taking out around 140k for a CCN, but at that level of debt I can lean on my SO if I graduate with a 50k a year non-LRAP job.

Also, check this out for determining the total debt you'll be facing when you graduate:
http://141.161.16.100/finaid/Georgetown ... entsV2.htm


Even if the economy stays on the upswing and you hit that 80% chance you won't even have the principal on 270k paid down to 200k by the time most are out of big law on the 10 year plan. Live like a pauper and maybe have it to 180k. JFC

Just because people do go at sticker doesn't mean it's smart.


Top
 Profile  
 
 Post subject: Re: Is NYU at sticker worth it?
PostPosted: Tue May 15, 2012 2:55 pm 
Offline
User avatar

Joined: Wed Oct 14, 2009 4:52 pm
Posts: 10
TUP wrote:
otnemem wrote:
There's probably an 80% chance it will be more than worth it, and a 10-20% chance you'll be in big trouble. A lot of people on this board seem comfortable with those odds, and it is certainly a reasonable decision to make. Personally I'm not sure I could go through with it, but I guess I'm slightly more risk-averse than many. That being said, I'll be taking out around 140k for a CCN, but at that level of debt I can lean on my SO if I graduate with a 50k a year non-LRAP job.

Also, check this out for determining the total debt you'll be facing when you graduate:
http://141.161.16.100/finaid/Georgetown ... entsV2.htm


Even if the economy stays on the upswing and you hit that 80% chance you won't even have the principal on 270k paid down to 200k by the time most are out of big law on the 10 year plan. Live like a pauper and maybe have it to 180k. JFC

Just because people do go at sticker doesn't mean it's smart.


I'm a 0L and admittedly no expert on compounding interest and repayment plans, but I'm pretty sure something went very, very wrong somewhere along the way in your calculations. That, or one of us is incredibly confused about how IBR works. How do these numbers make any sense??


Top
 Profile  
 
 Post subject: Re: Is NYU at sticker worth it?
PostPosted: Tue May 15, 2012 3:04 pm 
Offline
User avatar

Joined: Tue Aug 11, 2009 1:00 am
Posts: 744
It's just 10 year amort on 270k at 7.5%. Payment is about 3200. Live like a pauper and pay down 4k a month and you're just under 180k at the 3 years.


Top
 Profile  
 
 Post subject: Re: Is NYU at sticker worth it?
PostPosted: Tue May 15, 2012 3:11 pm 
Offline

Joined: Fri Mar 14, 2008 4:23 pm
Posts: 177
Quote:
Even if the economy stays on the upswing and you hit that 80% chance you won't even have the principal on 270k paid down to 200k by the time most are out of big law on the 10 year plan. Live like a pauper and maybe have it to 180k. JFC


You make a relevant point that too few people think about before they enter school, but as others have pointed out, I think you overstate it.

Big law in NYC is about 95k a year or so after taxes. Its not unreasonable to pay 50k a year to the loan and live off of 45k (not a ton of money in NYC but not living like a pauper in my opinion). Both those numbers bump up as you go up the pay scale. Therefore, you can pay off that amount of debt in around 6 years if you're able to stay in a firm that long, which is certainly not a given. More likely you last 3-4 years, which would leave you with a significant but probably manageable amount of debt. Most people leaving big law take a significant pay cut, but still bring home enough in their next job to service that type of a loan.

Nevertheless, I completely agree that getting biglaw does not automatically make sticker worth it. NYU at full cost is a gamble that will pay off for a majority of the people who take it, but its still a very large risk, one that I admit I would likely not take.


Top
 Profile  
 
 Post subject: Re: Is NYU at sticker worth it?
PostPosted: Tue May 15, 2012 3:15 pm 
Offline
User avatar

Joined: Wed Oct 14, 2009 4:52 pm
Posts: 10
TUP wrote:
It's just 10 year amort on 270k at 7.5%. Payment is about 3200. Live like a pauper and pay down 4k a month and you're just under 180k at the 3 years.


Ahh, it's not my math, but my biglaw lingo that's lacking. This makes a lot more sense to me over 3 years, I just hadn't heard "10-year plan" used this way before.


Top
 Profile  
 
 Post subject: Re: Is NYU at sticker worth it?
PostPosted: Tue May 15, 2012 3:34 pm 
Offline
User avatar

Joined: Tue Aug 11, 2009 1:00 am
Posts: 744
otnemem wrote:
Quote:
Even if the economy stays on the upswing and you hit that 80% chance you won't even have the principal on 270k paid down to 200k by the time most are out of big law on the 10 year plan. Live like a pauper and maybe have it to 180k. JFC


You make a relevant point that too few people think about before they enter school, but as others have pointed out, I think you overstate it.

Big law in NYC is about 95k a year or so after taxes. Its not unreasonable to pay 50k a year to the loan and live off of 45k (not a ton of money in NYC but not living like a pauper in my opinion). Both those numbers bump up as you go up the pay scale. Therefore, you can pay off that amount of debt in around 6 years if you're able to stay in a firm that long, which is certainly not a given. More likely you last 3-4 years, which would leave you with a significant but probably manageable amount of debt. Most people leaving big law take a significant pay cut, but still bring home enough in their next job to service that type of a loan.

Nevertheless, I completely agree that getting biglaw does not automatically make sticker worth it. NYU at full cost is a gamble that will pay off for a majority of the people who take it, but its still a very large risk, one that I admit I would likely not take.


Just something to think about I guess. 4k payment is almost 50k per year, and that leaves almost 180k left on a 270k loan balance after 3 years. After 3 years of law school, living like a student for 3-5 more certainly takes some discipline when $$$ are on the table from a lower T14.


Top
 Profile  
 
 Post subject: Re: Is NYU at sticker worth it?
PostPosted: Tue May 15, 2012 3:35 pm 
Offline
User avatar

Joined: Tue Aug 11, 2009 1:00 am
Posts: 744
chipcope wrote:
TUP wrote:
It's just 10 year amort on 270k at 7.5%. Payment is about 3200. Live like a pauper and pay down 4k a month and you're just under 180k at the 3 years.


Ahh, it's not my math, but my biglaw lingo that's lacking. This makes a lot more sense to me over 3 years, I just hadn't heard "10-year plan" used this way before.


Yeah, 3 years is thrown around on here as the median length of a big law stint.


Top
 Profile  
 
 Post subject: Re: Is NYU at sticker worth it?
PostPosted: Tue May 15, 2012 3:38 pm 
Offline

Joined: Fri Feb 24, 2012 12:02 am
Posts: 58
19871987 wrote:
Go.


If NYU at sticker isn't worth it, then neither is Michigan w/$30k.

I've spent my life avoiding risk and I'm not particularly happy with where it's gotten me. Time to go all in @ NYU!


Top
 Profile  
 
 Post subject: Re: Is NYU at sticker worth it?
PostPosted: Tue May 15, 2012 3:44 pm 
Offline

Joined: Thu May 06, 2010 10:56 pm
Posts: 3098
otnemem wrote:
Quote:
Even if the economy stays on the upswing and you hit that 80% chance you won't even have the principal on 270k paid down to 200k by the time most are out of big law on the 10 year plan. Live like a pauper and maybe have it to 180k. JFC


You make a relevant point that too few people think about before they enter school, but as others have pointed out, I think you overstate it.

Big law in NYC is about 95k a year or so after taxes. Its not unreasonable to pay 50k a year to the loan and live off of 45k (not a ton of money in NYC but not living like a pauper in my opinion). Both those numbers bump up as you go up the pay scale. Therefore, you can pay off that amount of debt in around 6 years if you're able to stay in a firm that long, which is certainly not a given. More likely you last 3-4 years, which would leave you with a significant but probably manageable amount of debt. Most people leaving big law take a significant pay cut, but still bring home enough in their next job to service that type of a loan.
Nevertheless, I completely agree that getting biglaw does not automatically make sticker worth it. NYU at full cost is a gamble that will pay off for a majority of the people who take it, but its still a very large risk, one that I admit I would likely not take.


I hope this doesnt go too off topic but I had a question about this. What do top in house positions pay? Seems like we have very little data about that on this site. There is also "midlaw" which many people dont talk about. Getting a position there, in a secondary market, could get you making well over 200k and people seem to stay much longer.


Top
 Profile  
 
 Post subject: Re: Is NYU at sticker worth it?
PostPosted: Tue May 15, 2012 3:45 pm 
Offline
User avatar

Joined: Sun Mar 14, 2010 7:06 pm
Posts: 20144
AssumptionRequired wrote:
I hope this doesnt go too off topic but I had a question about this. What do top in house positions pay? Seems like we have very little data about that on this site. There is also "midlaw" which many people dont talk about. Getting a position there, in a secondary market, could get you making well over 200k and people seem to stay much longer.


http://www.roberthalflegal.com/FreeResources


Top
 Profile  
 
 Post subject: Re: Is NYU at sticker worth it?
PostPosted: Tue May 15, 2012 3:47 pm 
Offline
User avatar

Joined: Thu Dec 11, 2008 11:43 am
Posts: 13661
TUP wrote:
otnemem wrote:
There's probably an 80% chance it will be more than worth it, and a 10-20% chance you'll be in big trouble. A lot of people on this board seem comfortable with those odds, and it is certainly a reasonable decision to make. Personally I'm not sure I could go through with it, but I guess I'm slightly more risk-averse than many. That being said, I'll be taking out around 140k for a CCN, but at that level of debt I can lean on my SO if I graduate with a 50k a year non-LRAP job.

Also, check this out for determining the total debt you'll be facing when you graduate:
http://141.161.16.100/finaid/Georgetown ... entsV2.htm


Even if the economy stays on the upswing and you hit that 80% chance you won't even have the principal on 270k paid down to 200k by the time most are out of big law on the 10 year plan. Live like a pauper and maybe have it to 180k. JFC

Just because people do go at sticker doesn't mean it's smart.


Pay down faster.


Top
 Profile  
 
 Post subject: Re: Is NYU at sticker worth it?
PostPosted: Tue May 15, 2012 3:48 pm 
Offline
User avatar

Joined: Thu Dec 11, 2008 11:43 am
Posts: 13661
TUP wrote:
It's just 10 year amort on 270k at 7.5%. Payment is about 3200. Live like a pauper and pay down 4k a month and you're just under 180k at the 3 years.


You're not living like pauper on $4,500/month after taxes.


Top
 Profile  
 
 Post subject: Re: Is NYU at sticker worth it?
PostPosted: Tue May 15, 2012 3:49 pm 
Offline
User avatar

Joined: Thu Dec 11, 2008 11:43 am
Posts: 13661
TUP wrote:
chipcope wrote:
TUP wrote:
It's just 10 year amort on 270k at 7.5%. Payment is about 3200. Live like a pauper and pay down 4k a month and you're just under 180k at the 3 years.


Ahh, it's not my math, but my biglaw lingo that's lacking. This makes a lot more sense to me over 3 years, I just hadn't heard "10-year plan" used this way before.


Yeah, 3 years is thrown around on here as the median length of a big law stint.


Because people leave/burn out. Don't be one of those people.


Top
 Profile  
 
 Post subject: Re: Is NYU at sticker worth it?
PostPosted: Tue May 15, 2012 3:49 pm 
Offline
User avatar

Joined: Tue Aug 11, 2009 1:00 am
Posts: 744
On midlaw in a secondary, many seem to have a lower base with extremely compressed raises, so is 200k really likely?


Top
 Profile  
 
 Post subject: Re: Is NYU at sticker worth it?
PostPosted: Tue May 15, 2012 3:54 pm 
Offline

Joined: Thu May 06, 2010 10:56 pm
Posts: 3098
bk187 wrote:
AssumptionRequired wrote:
I hope this doesnt go too off topic but I had a question about this. What do top in house positions pay? Seems like we have very little data about that on this site. There is also "midlaw" which many people dont talk about. Getting a position there, in a secondary market, could get you making well over 200k and people seem to stay much longer.


http://www.roberthalflegal.com/FreeResources

This kind of answers my question. This seems like it is just the average. I am more wondering the difference from top Biglaw (V5 or w/e) to a good in house position. Do good in house positions pay well over 200,000 on average?


Top
 Profile  
 
 Post subject: Re: Is NYU at sticker worth it?
PostPosted: Tue May 15, 2012 3:55 pm 
Offline
User avatar

Joined: Tue Aug 11, 2009 1:00 am
Posts: 744
rayiner wrote:
TUP wrote:
It's just 10 year amort on 270k at 7.5%. Payment is about 3200. Live like a pauper and pay down 4k a month and you're just under 180k at the 3 years.


You're not living like pauper on $4,500/month after taxes.


Good to hear. I haven't lived in NYC, but thought half that's gone for a decent apartment. Granted one could go roommates/commute.


Top
 Profile  
 
 Post subject: Re: Is NYU at sticker worth it?
PostPosted: Tue May 15, 2012 3:55 pm 
Offline
User avatar

Joined: Tue Aug 11, 2009 1:00 am
Posts: 744
rayiner wrote:
TUP wrote:
chipcope wrote:
TUP wrote:
It's just 10 year amort on 270k at 7.5%. Payment is about 3200. Live like a pauper and pay down 4k a month and you're just under 180k at the 3 years.


Ahh, it's not my math, but my biglaw lingo that's lacking. This makes a lot more sense to me over 3 years, I just hadn't heard "10-year plan" used this way before.


Yeah, 3 years is thrown around on here as the median length of a big law stint.


Because people leave/burn out. Don't be one of those people.


That's the goal.


Top
 Profile  
 
Display posts from previous:  Sort by  
Post new topic Reply to topic  [ 72 posts ]  Go to page 1, 2, 3  Next

All times are UTC - 5 hours [ DST ]


Who is online

Users browsing this forum: adinfinitums, Huey Freeman, jbagelboy, mehh, shifty_eyed, Tigerbowl, timbs4339 and 23 guests



Princeton Review LSAT

Search for:
Jump to:  
Login     Contact     Copyright Notice

copyright 2003-2013 top-law-schools.com • all rights reserved • powered by phpBB