Northwestern (40k/yr) vs. Michigan (30k/yr)

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Micdiddy
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Re: Northwestern (40k/yr) vs. Michigan (30k/yr)

Postby Micdiddy » Wed Apr 03, 2013 11:32 pm

untar614 wrote:
Micdiddy wrote:
NYstate wrote:
Paul Campos wrote:The great thing about TLS is that there are plenty of 0Ls who will let you know which T-14 has "better profs."


Ouch. Prof Camps coming from a Michigan alum that is harsh..

That said, OP you should go to Northwestern. You should look at which school will help you the most in a worst-case scenario. I think Northwestern will help you get a job at graduation somewhere, more than Michigan would.

Do not be fooled by the 2012 job stats. There is no way to know what those stats will be in 2 years. Every report says biglaw wil hold steady or decrease. The market is unstable. I would assume that 2012 is the best case scenario. If hiring improves, that will only benefit you.

You need to maximize your chances of employment.

Just curious, what is the total COA for each after scholarship? How much can your wife contribute? Will you be owing about $150,000? If so , you need biglaw


Using LST estimates COA is practically exactly the same since what NU's scholly adds the "indirect expenses" and higher tuition just take away. Using some hand-dandy calculations MRizza provided me (in exchange for a cold, frosty payment to be given at a later date), my COA for NU is about exactly 150k. I have no reason Mich should be any different since I will be taking out the same total loans, just applying the money more toward tuition than other expenses.
If I am able to pay ~48k and year toward this debt, according to said calculations it should be paid off by the end of year 4 with a total expense paid of ~176k.

Is this Big Law or bust? I understand Big Law is what would allow me to actually pay that 48k/yr. But what if I pay 25 or 30k per year at a ~100k salary gig? Hmm...


how many 100k salary gigs are there? looking at the data i've seen, salary distributions seem largely bimodal.


Great question as well! I am strongly leaning towards Big Law anyway, but the idea of Big Law or bust is what's unsettling. I don't want me and my wife's life to be ruined 'cause I couldn't secure that cushy 160k. Not to mention my poor dog!

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untar614
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Joined: Mon Feb 04, 2013 1:01 pm

Re: Northwestern (40k/yr) vs. Michigan (30k/yr)

Postby untar614 » Wed Apr 03, 2013 11:44 pm

Micdiddy wrote:
untar614 wrote:
how many 100k salary gigs are there? looking at the data i've seen, salary distributions seem largely bimodal.


Great question as well! I am strongly leaning towards Big Law anyway, but the idea of Big Law or bust is what's unsettling. I don't want me and my wife's life to be ruined 'cause I couldn't secure that cushy 160k. Not to mention my poor dog!


I mean, it's not completely bust at 150k. ppl take that much out for expensive private undergrads. Not saying it will be fun, but with IBR you can handle it if you get stuck with a 60k job. Now if u were talking 280k, yeahno.

And that dog needs to go get a 9to5 and contribute like the rest of us.

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sinfiery
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Re: Northwestern (40k/yr) vs. Michigan (30k/yr)

Postby sinfiery » Wed Apr 03, 2013 11:54 pm

I thought if your backup plan is IBR, there is no difference between 160k and 300k except the tax KO at the end

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untar614
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Re: Northwestern (40k/yr) vs. Michigan (30k/yr)

Postby untar614 » Thu Apr 04, 2013 12:02 am

sinfiery wrote:I thought if your backup plan is IBR, there is no difference between 160k and 300k except the tax KO at the end


Yeah, at 60k income its ~6.5k/yr regardless, but ur stuck on it longer, and as long as ur stuck on it, any raise u get is mitigated by being forced to make higher payments, but with interest accumulating, thats a loooong time. Then the tax KO. I guess if u plan on making 60k forever, it's not a huge deal as 150k would still probably take like 15-20 years to pay off on IBR, but itd be nice to hopefully raise ur income a bit and actually be able to pay off that debt.

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sinfiery
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Re: Northwestern (40k/yr) vs. Michigan (30k/yr)

Postby sinfiery » Thu Apr 04, 2013 12:12 am

True, a lot can be said for IBR providing temporary relief and not full relief


Don't know much about it but seems to be useful




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