Looking at the 2012 stats
rickgrimes69 wrote: IAFG wrote:
1. Tax bomb
2. I wouldn't consider taking out $290k in debt and signing up for 25 years of middling wages to be a "good outcome."
3. Same for working at a non-lawyer job.
I would rather have a 70% chance at 6 figure firm work/a clerkship and a 30% chance of local gov't + IBR than 30% chance of 6 figs and 70% chance of trying to grab an NU student's back up plan.
Irrelevant given that NU's placement stats aren't nearly that good.
Only 75% got a lawyer job at all,
much less one that pays six figures. Only ~55% of last year's grads got a firm job of 100+ or a fed clerkship. Let's also not forget about the ~13.5% un/underemployed. The actual odds of success are far less likely than your portrayal of them.
Edit: Assuming that the same individual is deciding between NU at sticker and a lower ranked quality school with $$$$, gunning for a "back up plan" with a fraction of the debt is likely a substantially better decision. You don't need to make six figures if you go to school for free.
and again considering clerks, I'm about right. 65% of those reporting their salaries were clerking or else making 6 figures.
No, it's about 55%, like I said. I don't know how you came up with 65%, or why you're ignoring LST, but since you insist on making me do the math...
All of the figures are taken directly from Northwestern's ABA Employment questionnaire
from the link you provided.
127 (501+) + 11 (251 - 500) + 7 (101-250) = 145 students in Biglaw. 145 /
295 graduates = 49.8%
19 in Federal Clerkships /
295 graduates = 6.5%
49.8% + 6.5% = 56.3%. Like I said, about 55% (I rounded a little before).
I don't really care about the lawyer job stat; we have a lot of JDMBAs and a few JDs who opt out of law. Not really an indicator of placement power.
That is a terrible, awful, no-good, very bad argument, and you know it. People don't "opt-out" of law after sinking three years and $300k into it.
That is absolutely ridiculous and makes me think that you don't understand how interest works.
I'd pay $400k for an investment that paid out the average NU attorney's lifetime earning potential, and borrow the money to do it. Nothing "ridiculous" about it.
Ignoring, for a moment, your implication that NU is somehow undervalued (!)
, you really, honestly, don't seem to understand how interest works, or the implications of having that much debt. First, go plug in the numbers to the Georgetown debt calculator. $400k of debt at graduation balloons to over one million dollars
over 25 years. Even if you get Biglaw and try to pay it off in 10 years, your loan payments will approach $5,800 per month. For ten years. That's absolute insanity. No school is worth that - not HYS, and certainly not NU.
This is why: besides the fact that nobody wants to get locked into a decade of Biglaw, think about what that kind of debt prevents you from doing. Getting married and starting a family? No clue how you plan to do any of that when you're working 70-80 hours a week for ten years, and can't afford a wedding or a kid because over half your paycheck goes straight to loans. Want to buy a house? Good luck finding non-predatory rates with half a mil of non-dischargeable debt dragging down your credit. Saving for a rainy day? What's savings, and what's a rainy day when you live to work and work to live?
$400k isn't just a lot of money to pay back, it's nearly impossible
to pay back in a reasonable time frame, even for those students who have "positive" outcomes. And, as noted above, only about half the class even has that opportunity to begin with - the rest will be stuck living paycheck to paycheck for 25 years, praying that the government fixes the Tax Bomb before their comeuppance. I don't know about you, but that sure doesn't sound like a "good" outcome to me.