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andy261
Posts: 405
Joined: Mon Dec 17, 2012 5:50 pm

Re: Hastings $$$ vs. UCLA $$

Postby andy261 » Sun May 26, 2013 1:29 pm

Paul Campos wrote:You're seriously underestimating your debt out of UCLA. In-state tuition last year was $47.5K, which means it's likely to average more than $50K over the next three years. Let's say it's $50K, which means you'll pay $90K over three years after subtracting $60K. It's going to be extremely difficult for you to spend less than $15K per nine months of attendance while going to law school in Westwood. With interest, this bumps your debt total at repayment to $160K.

I think the tuition increases are fair, so maybe my total debt would be closer to 135k. However, I think 15k per nine months is completely doable. Let's assume $900/month in rent (I'd go for a multibedroom apt w/ roommates) and say $800 on books, I would still have approximately $675/month for food, cell phone bill, going out, etc. If we're even going to get super nitpicky and talk about one-off expenses like flights, I have enough airline miles to cover my time in law school. If I were to bring my car, which would be an extra expense, I'd equal it out by living somewhere cheaper a little farther from campus.

Also, I have purposely set aside some savings to pay off the interest that accrues each year so that my principal doesn't increase.

BigZuck
Posts: 10872
Joined: Tue Sep 04, 2012 9:53 am

Re: Hastings $$$ vs. UCLA $$

Postby BigZuck » Sun May 26, 2013 7:39 pm

andy261 wrote:
Paul Campos wrote:You're seriously underestimating your debt out of UCLA. In-state tuition last year was $47.5K, which means it's likely to average more than $50K over the next three years. Let's say it's $50K, which means you'll pay $90K over three years after subtracting $60K. It's going to be extremely difficult for you to spend less than $15K per nine months of attendance while going to law school in Westwood. With interest, this bumps your debt total at repayment to $160K.

I think the tuition increases are fair, so maybe my total debt would be closer to 135k. However, I think 15k per nine months is completely doable. Let's assume $900/month in rent (I'd go for a multibedroom apt w/ roommates) and say $800 on books, I would still have approximately $675/month for food, cell phone bill, going out, etc. If we're even going to get super nitpicky and talk about one-off expenses like flights, I have enough airline miles to cover my time in law school. If I were to bring my car, which would be an extra expense, I'd equal it out by living somewhere cheaper a little farther from campus.

Also, I have purposely set aside some savings to pay off the interest that accrues each year so that my principal doesn't increase.


Why wouldn't you use that money to just take out less initial loans?

Honest question, I am a dumb.




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