Duke with 90k v. NYU at sticker - Help!

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BrainsyK
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Re: Duke with 90k v. NYU at sticker - Help!

Postby BrainsyK » Wed Jun 07, 2017 3:08 am

melmelcoolj wrote:Ah, let me bring this thread back to life. How about Duke with 60K and NYU at sticker? Which one would you choose?


It's still Duke.

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melmelcoolj
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Re: Duke with 90k v. NYU at sticker - Help!

Postby melmelcoolj » Wed Jun 07, 2017 3:56 am

BrainsyK wrote:
melmelcoolj wrote:Ah, let me bring this thread back to life. How about Duke with 60K and NYU at sticker? Which one would you choose?


It's still Duke.


Let's add in the equation that my parents are paying, so I'm not taking out any loans for myself. That said, I don't want to squander my parents' money for we're not the Trumps. But they are well-off, and either decision would not make a huge difference to their life. I prefer NYU a little more for personal reasons. But I feel bad for squandering their money, for I only want BigLaw, and neither the LRAP program nor the good PI opportunities at NYU matter to me.

BrainsyK
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Re: Duke with 90k v. NYU at sticker - Help!

Postby BrainsyK » Wed Jun 07, 2017 4:49 am

melmelcoolj wrote:Let's add in the equation that my parents are paying, so I'm not taking out any loans for myself. That said, I don't want to squander my parents' money for we're not the Trumps. But they are well-off, and either decision would not make a huge difference to their life. I prefer NYU a little more for personal reasons. But I feel bad for squandering their money, for I only want BigLaw, and neither the LRAP program nor the good PI opportunities at NYU matter to me.


Overall COA will also be 10k less at Duke so over the course of 3 years, you save 70k not just 60k. That could be a down payment on a house or any number of things. If your parents are only willing to pay for education, I guess it depends how horned up you are at the idea of working at a V10--probably still not worth it.

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melmelcoolj
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Re: Duke with 90k v. NYU at sticker - Help!

Postby melmelcoolj » Wed Jun 07, 2017 5:06 am

BrainsyK wrote:
melmelcoolj wrote:Let's add in the equation that my parents are paying, so I'm not taking out any loans for myself. That said, I don't want to squander my parents' money for we're not the Trumps. But they are well-off, and either decision would not make a huge difference to their life. I prefer NYU a little more for personal reasons. But I feel bad for squandering their money, for I only want BigLaw, and neither the LRAP program nor the good PI opportunities at NYU matter to me.


Overall COA will also be 10k less at Duke so over the course of 3 years, you save 70k not just 60k. That could be a down payment on a house or any number of things. If your parents are only willing to pay for education, I guess it depends how horned up you are at the idea of working at a V10--probably still not worth it.


True. And Duke is actually giving me more than 60K. Ah, I probably should just go to Duke and be happy with it. I probably shouldn't be that reality TV spoiled Asian daughter...Thanks for your advice Brainsyk.

JWalker
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Re: Duke with 90k v. NYU at sticker - Help!

Postby JWalker » Sat Jun 10, 2017 9:51 pm

OP fortunately seems to have made the right choice already but just to add another +1 to Duke, I went to NYU at sticker over Duke with 72 or 75k (it's been many years...can't remember which) largely because my parents were paying for my education as well. I absolutely, absolutely loved my time at NYU. In retrospect, however, it was very selfish of me to turn down Duke.

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Re: Duke with 90k v. NYU at sticker - Help!

Postby Zipman » Tue Jun 27, 2017 4:59 am

melmelcoolj wrote:Ah, let me bring this thread back to life. How about Duke with 60K and NYU at sticker? Which one would you choose?


Duke Duke Duke

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melmelcoolj
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Re: Duke with 90k v. NYU at sticker - Help!

Postby melmelcoolj » Tue Jun 27, 2017 5:21 am

Zipman wrote:
melmelcoolj wrote:Ah, let me bring this thread back to life. How about Duke with 60K and NYU at sticker? Which one would you choose?


Duke Duke Duke


Yeah, I remember us having this conversation on PMs. I think you might be right.

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stego
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Re: Duke with 90k v. NYU at sticker - Help!

Postby stego » Tue Jun 27, 2017 6:00 am

melmelcoolj wrote:Ah, let me bring this thread back to life. How about Duke with 60K and NYU at sticker? Which one would you choose?

I am going to NYU and I think you should go to Duke.

Paul Campos
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Re: Duke with 90k v. NYU at sticker - Help!

Postby Paul Campos » Tue Jun 27, 2017 7:51 am

Debt-financed sticker at NYU this fall will be $341K when the first payment comes due (calculated on the basis of the latest Stafford and GradPlus rates). If Mommy and Daddy are paying cash, it will end up as an eminently reasonable $292K.

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chargers21
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Re: Duke with 90k v. NYU at sticker - Help!

Postby chargers21 » Tue Jun 27, 2017 8:22 am

stego wrote:
melmelcoolj wrote:Ah, let me bring this thread back to life. How about Duke with 60K and NYU at sticker? Which one would you choose?

I am going to NYU and I think you should go to Duke.

I turned down Duke and I say Duke. Cash is king within the t13 and that's why I'm going where I am

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melmelcoolj
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Re: Duke with 90k v. NYU at sticker - Help!

Postby melmelcoolj » Tue Jun 27, 2017 9:06 am

stego wrote:
melmelcoolj wrote:Ah, let me bring this thread back to life. How about Duke with 60K and NYU at sticker? Which one would you choose?

I am going to NYU and I think you should go to Duke.


For the same reason as others said?

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melmelcoolj
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Re: Duke with 90k v. NYU at sticker - Help!

Postby melmelcoolj » Tue Jun 27, 2017 9:08 am

Paul Campos wrote:Debt-financed sticker at NYU this fall will be $341K when the first payment comes due (calculated on the basis of the latest Stafford and GradPlus rates). If Mommy and Daddy are paying cash, it will end up as an eminently reasonable $292K.


I'm a little confused about what you mean debt-financed sticker. So you are saying interest + loans is 341K while 292K is without interest? I mean Duke is also something like 230K for me, so...

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Slippin' Jimmy
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Re: Duke with 90k v. NYU at sticker - Help!

Postby Slippin' Jimmy » Tue Jun 27, 2017 10:37 am

melmelcoolj wrote:
Paul Campos wrote:Debt-financed sticker at NYU this fall will be $341K when the first payment comes due (calculated on the basis of the latest Stafford and GradPlus rates). If Mommy and Daddy are paying cash, it will end up as an eminently reasonable $292K.


I'm a little confused about what you mean debt-financed sticker. So you are saying interest + loans is 341K while 292K is without interest? I mean Duke is also something like 230K for me, so...

yep origination fees and interest.

I have to admit the way you're scoffing at an extra 60-75k rubs me the wrong way. But I guess it really doesn't matter if Mommy and Daddy will be subsidizing law school for you.

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stego
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Re: Duke with 90k v. NYU at sticker - Help!

Postby stego » Tue Jun 27, 2017 10:41 am

melmelcoolj wrote:
Paul Campos wrote:Debt-financed sticker at NYU this fall will be $341K when the first payment comes due (calculated on the basis of the latest Stafford and GradPlus rates). If Mommy and Daddy are paying cash, it will end up as an eminently reasonable $292K.


I'm a little confused about what you mean debt-financed sticker. So you are saying interest + loans is 341K while 292K is without interest? I mean Duke is also something like 230K for me, so...

When you take it out in loans, there are loan origination fees and the interest starts accruing immediately. So you save money if you pay the whole bill in cash. The $341K figure probably figures in all the interest you'll pay over the course of paying off the loans. I'm not sure where the $292K figure comes from since total COA for a year at NYU (including tuition) is around $90K.

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melmelcoolj
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Re: Duke with 90k v. NYU at sticker - Help!

Postby melmelcoolj » Tue Jun 27, 2017 11:05 am

Slippin' Jimmy wrote:
melmelcoolj wrote:
Paul Campos wrote:Debt-financed sticker at NYU this fall will be $341K when the first payment comes due (calculated on the basis of the latest Stafford and GradPlus rates). If Mommy and Daddy are paying cash, it will end up as an eminently reasonable $292K.


I'm a little confused about what you mean debt-financed sticker. So you are saying interest + loans is 341K while 292K is without interest? I mean Duke is also something like 230K for me, so...

yep origination fees and interest.

I have to admit the way you're scoffing at an extra 60-75k rubs me the wrong way. But I guess it really doesn't matter if Mommy and Daddy will be subsidizing law school for you.


Sorry I came off the wrong way. I only meant while 292K sounds like a lot of money, 230K sounds like a lot of money, too -- though notably less. That's why I'm on this thread debating these decisions. And I definitely plan to pay my parents back in 5-10 years after law school, but I just don't have a very stringent deadline or interests as with most bank loans. Thanks for your advice!
Last edited by melmelcoolj on Tue Jun 27, 2017 11:16 am, edited 2 times in total.

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guynourmin
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Re: Duke with 90k v. NYU at sticker - Help!

Postby guynourmin » Tue Jun 27, 2017 11:15 am

stego wrote:The $341K figure probably figures in all the interest you'll pay over the course of paying off the loans.


No, the 341k figure is just origination fees + interest at graduation (or 6 months or whatever after grad?). Debt on a 10 year standard repayment plan would be over 100k more.

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chargers21
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Re: Duke with 90k v. NYU at sticker - Help!

Postby chargers21 » Tue Jun 27, 2017 11:19 am

melmelcoolj wrote:
Slippin' Jimmy wrote:
melmelcoolj wrote:
Paul Campos wrote:Debt-financed sticker at NYU this fall will be $341K when the first payment comes due (calculated on the basis of the latest Stafford and GradPlus rates). If Mommy and Daddy are paying cash, it will end up as an eminently reasonable $292K.


I'm a little confused about what you mean debt-financed sticker. So you are saying interest + loans is 341K while 292K is without interest? I mean Duke is also something like 230K for me, so...

yep origination fees and interest.

I have to admit the way you're scoffing at an extra 60-75k rubs me the wrong way. But I guess it really doesn't matter if Mommy and Daddy will be subsidizing law school for you.


Sorry I came off the wrong way. I only meant while 292K sounds like a lot of money, 230K sounds like a lot of money, too -- though notably less. That's why I'm on this thread debating these decisions. And I definitely plan to pay my parents back in 5-10 years after law school, but I just don't have a very stringent deadline or interests as with most bank loans. Thanks for your advice!

Correct me if I'm wrong, but Duke should be quite a bit less than 230k of debt if you have a 60k scholarship (assuming you're still on your parent's healthcare plan) unless you're living lavishly

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melmelcoolj
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Re: Duke with 90k v. NYU at sticker - Help!

Postby melmelcoolj » Tue Jun 27, 2017 11:23 am

chargers21 wrote:
melmelcoolj wrote:
Slippin' Jimmy wrote:
melmelcoolj wrote:
Paul Campos wrote:Debt-financed sticker at NYU this fall will be $341K when the first payment comes due (calculated on the basis of the latest Stafford and GradPlus rates). If Mommy and Daddy are paying cash, it will end up as an eminently reasonable $292K.


I'm a little confused about what you mean debt-financed sticker. So you are saying interest + loans is 341K while 292K is without interest? I mean Duke is also something like 230K for me, so...

yep origination fees and interest.

I have to admit the way you're scoffing at an extra 60-75k rubs me the wrong way. But I guess it really doesn't matter if Mommy and Daddy will be subsidizing law school for you.


Sorry I came off the wrong way. I only meant while 292K sounds like a lot of money, 230K sounds like a lot of money, too -- though notably less. That's why I'm on this thread debating these decisions. And I definitely plan to pay my parents back in 5-10 years after law school, but I just don't have a very stringent deadline or interests as with most bank loans. Thanks for your advice!

Correct me if I'm wrong, but Duke should be quite a bit less than 230k of debt if you have a 60k scholarship (assuming you're still on your parent's healthcare plan) unless you're living lavishly


I'm an international student, so assume zero healthcare plan in the U.S.. I actually just used the cost of attendance minus my 60K scholarship. Is that wrong?

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chargers21
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Re: Duke with 90k v. NYU at sticker - Help!

Postby chargers21 » Tue Jun 27, 2017 12:16 pm

melmelcoolj wrote:
chargers21 wrote:
melmelcoolj wrote:
Slippin' Jimmy wrote:
melmelcoolj wrote:
Paul Campos wrote:Debt-financed sticker at NYU this fall will be $341K when the first payment comes due (calculated on the basis of the latest Stafford and GradPlus rates). If Mommy and Daddy are paying cash, it will end up as an eminently reasonable $292K.


I'm a little confused about what you mean debt-financed sticker. So you are saying interest + loans is 341K while 292K is without interest? I mean Duke is also something like 230K for me, so...

yep origination fees and interest.

I have to admit the way you're scoffing at an extra 60-75k rubs me the wrong way. But I guess it really doesn't matter if Mommy and Daddy will be subsidizing law school for you.


Sorry I came off the wrong way. I only meant while 292K sounds like a lot of money, 230K sounds like a lot of money, too -- though notably less. That's why I'm on this thread debating these decisions. And I definitely plan to pay my parents back in 5-10 years after law school, but I just don't have a very stringent deadline or interests as with most bank loans. Thanks for your advice!

Correct me if I'm wrong, but Duke should be quite a bit less than 230k of debt if you have a 60k scholarship (assuming you're still on your parent's healthcare plan) unless you're living lavishly


I'm an international student, so assume zero healthcare plan in the U.S.. I actually just used the cost of attendance minus my 60K scholarship. Is that wrong?

I stand corrected. Didn't know you were international. The estimated numbers are probably closer for you then, because of travel costs, healthcare, and differences in loan types. For me, a lot of school's have travel costs built in that I simply won't come near, but that probably isn't the case for you

Paul Campos
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Re: Duke with 90k v. NYU at sticker - Help!

Postby Paul Campos » Tue Jun 27, 2017 4:11 pm

stego wrote:
melmelcoolj wrote:
Paul Campos wrote:Debt-financed sticker at NYU this fall will be $341K when the first payment comes due (calculated on the basis of the latest Stafford and GradPlus rates). If Mommy and Daddy are paying cash, it will end up as an eminently reasonable $292K.


I'm a little confused about what you mean debt-financed sticker. So you are saying interest + loans is 341K while 292K is without interest? I mean Duke is also something like 230K for me, so...

When you take it out in loans, there are loan origination fees and the interest starts accruing immediately. So you save money if you pay the whole bill in cash. The $341K figure probably figures in all the interest you'll pay over the course of paying off the loans. I'm not sure where the $292K figure comes from since total COA for a year at NYU (including tuition) is around $90K.


Total COA for NYU this fall is $93K. It's been going up at 4.5% per year, hence the $292K estimate.

The $341K figure is the balance at repayment, six months after graduation. That works out to just under $2,000 per month in interest payments alone, without amortizing any of the principal.

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melmelcoolj
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Re: Duke with 90k v. NYU at sticker - Help!

Postby melmelcoolj » Tue Jun 27, 2017 9:41 pm

chargers21 wrote:
melmelcoolj wrote:
chargers21 wrote:
melmelcoolj wrote:
Slippin' Jimmy wrote:
melmelcoolj wrote:
Paul Campos wrote:Debt-financed sticker at NYU this fall will be $341K when the first payment comes due (calculated on the basis of the latest Stafford and GradPlus rates). If Mommy and Daddy are paying cash, it will end up as an eminently reasonable $292K.


I'm a little confused about what you mean debt-financed sticker. So you are saying interest + loans is 341K while 292K is without interest? I mean Duke is also something like 230K for me, so...

yep origination fees and interest.

I have to admit the way you're scoffing at an extra 60-75k rubs me the wrong way. But I guess it really doesn't matter if Mommy and Daddy will be subsidizing law school for you.


Sorry I came off the wrong way. I only meant while 292K sounds like a lot of money, 230K sounds like a lot of money, too -- though notably less. That's why I'm on this thread debating these decisions. And I definitely plan to pay my parents back in 5-10 years after law school, but I just don't have a very stringent deadline or interests as with most bank loans. Thanks for your advice!

Correct me if I'm wrong, but Duke should be quite a bit less than 230k of debt if you have a 60k scholarship (assuming you're still on your parent's healthcare plan) unless you're living lavishly


I'm an international student, so assume zero healthcare plan in the U.S.. I actually just used the cost of attendance minus my 60K scholarship. Is that wrong?

I stand corrected. Didn't know you were international. The estimated numbers are probably closer for you then, because of travel costs, healthcare, and differences in loan types. For me, a lot of school's have travel costs built in that I simply won't come near, but that probably isn't the case for you


Yes, I find the travel costs usually not enough for me, since I literally live across the globe. Although I have learned to get cheaper flights at weird times of the day, it still adds up over the years. But I agree I can rent a room for 800 at Duke (even less if willing to share), and will be more than 1200 in NYC.

sener212
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Re: Duke with 90k v. NYU at sticker - Help!

Postby sener212 » Tue Jun 27, 2017 11:00 pm

Nyu at sticker. YOLO!

Think of networking opportunities.

gwillygecko
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Re: Duke with 90k v. NYU at sticker - Help!

Postby gwillygecko » Wed Jun 28, 2017 12:14 am

lol why even ask people here if mommy and daddy are willing to pay 300k for nyu?




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