UT austin with $$ V. Northwestern, which one? Forum

[hector]

Thank U so much!

I am sorry I need to make it clear. I have 150k to pay for UT, but only 150k. so i have no debt to attend UT, but need to take loan for the extra money if NU.

Thank all you guys so much!

Actually, my UT scholarship is instate tuition waiver + 5,000/year, so total will be around 21,000/year. Thus, My UT COA will be no more than 150k for three years, and for NU, I think it will be around 230k. I have to take a loan if decide to attend NU, their COA really way too expensive.

Also, I am an international student, so I need biglaw to sponsor H1B. I have no graphic preference for law firm jobs. The priority for me is to find a job, no matter where it is.

So, any one has some new suggestion? I do not plan to retake or reapply.

OP, the numbers people are throwing around are based on the interest that would accumulate on certain loans from the U.S. government. I am not sure if you are eligible for those programs or not. Because you are taking out so much money, you may potentially accumulate a substantial amount of interest while you are in school. You should factor that in when you consider COA.

Also, you should tell us how you plan to pay for either school. Most people in this thread are operating under the assumption you are financing your entire COA with debt. But from what you have said, it sounds like you might have $150k available to pay for UT. If that is right that dramatically changes the advice people will give you.

[Yea All Right]

Is that 150k you have available to pay for Texas also available to pay for Northwestern?

[Nomo]

A lot of people think the analysis changes significantly if you can pay out of pocket instead of borrowing money. I tend to disagree. Its still 150k. You could do a lot with that kind of money. Its a huge start on retirement savings. You could buy a house with it in many parts of the country. You could spend years traveling around the world. . .

Or you could spend it on law school, with the hope that after 3 years of school and 5 years of work you'll have made it all back (and that's hardly a hope you can bank on at UT). And you also have to hope won't be unhappy with school/practice during the 8+ years it takes to get your savings back to where you started.

150k for UT is too much regardless of whether you're borrowing or paying out of pocket.

[Winston1984]

A lot of people think the analysis changes significantly if you can pay out of pocket instead of borrowing money. I tend to disagree. Its still 150k. You could do a lot with that kind of money. Its a huge start on retirement savings. You could buy a house with it in many parts of the country. You could spend years traveling around the world. . .

Or you could spend it on law school, with the hope that after 3 years of school and 5 years of work you'll have made it all back (and that's hardly a hope you can bank on at UT). And you also have to hope won't be unhappy with school/practice during the 8+ years it takes to get your savings back to where you started.

150k for UT is too much regardless of whether you're borrowing or paying out of pocket.

Unless that money is from family and is for educational purposes only. We need more information OP. Also, if you were able to save that much money, you probably shouldn't go to law school.

[nouseforaname123]

A lot of people think the analysis changes significantly if you can pay out of pocket instead of borrowing money. I tend to disagree. Its still 150k. You could do a lot with that kind of money. Its a huge start on retirement savings. You could buy a house with it in many parts of the country. You could spend years traveling around the world. . .

Or you could spend it on law school, with the hope that after 3 years of school and 5 years of work you'll have made it all back (and that's hardly a hope you can bank on at UT). And you also have to hope won't be unhappy with school/practice during the 8+ years it takes to get your savings back to where you started.

150k for UT is too much regardless of whether you're borrowing or paying out of pocket.

Paying out of pocket vs debt financing drastically changes the equation post-graduation:

1. Lots of practicing lawyers stuck in jobs they don't like because of student loans. Indeed, many of them have chosen entirely different career tracks to begin with if they didn't have debt.

2. Striking out at OCI with no debt is a setback. Striking out at OCI with $150k+ in debt looming on the horizon is life altering.

[McAvoy]

A lot of people think the analysis changes significantly if you can pay out of pocket instead of borrowing money. I tend to disagree. Its still 150k. You could do a lot with that kind of money. Its a huge start on retirement savings. You could buy a house with it in many parts of the country. You could spend years traveling around the world. . .

Or you could spend it on law school, with the hope that after 3 years of school and 5 years of work you'll have made it all back (and that's hardly a hope you can bank on at UT). And you also have to hope won't be unhappy with school/practice during the 8+ years it takes to get your savings back to where you started.

150k for UT is too much regardless of whether you're borrowing or paying out of pocket.

Paying out of pocket vs debt financing drastically changes the equation post-graduation:

1. Lots of practicing lawyers stuck in jobs they don't like because of student loans. Indeed, many of them have chosen entirely different career tracks to begin with if they didn't have debt.

2. Striking out at OCI with no debt is a setback. Striking out at OCI with $150k+ in debt looming on the horizon is life altering.

Still, as an ESL dude with absolutely no ties to Texas (or any other US region) who *needs* biglaw in order to remain in the country, paying 150K for UT sounds like an atrocious idea. Depending on OP's English mastery median won't be easy, and he's fucked at median.

[Nomo]

A lot of people think the analysis changes significantly if you can pay out of pocket instead of borrowing money. I tend to disagree. Its still 150k. You could do a lot with that kind of money. Its a huge start on retirement savings. You could buy a house with it in many parts of the country. You could spend years traveling around the world. . .

Or you could spend it on law school, with the hope that after 3 years of school and 5 years of work you'll have made it all back (and that's hardly a hope you can bank on at UT). And you also have to hope won't be unhappy with school/practice during the 8+ years it takes to get your savings back to where you started.

150k for UT is too much regardless of whether you're borrowing or paying out of pocket.

Unless that money is from family and is for educational purposes only. We need more information OP. Also, if you were able to save that much money, you probably shouldn't go to law school.

That's fair. I overstated the point. But I think we can agree that too many say "no debt, no problem" when approaching this type of situation. I think its clear that from a financial perspective there are many better investments of your 150k than UT law. So you better be really sure that dropping this cash on UT is going to do a lot from a personal happiness/intrinsic value perspective.

Edit: I would add that since OP has no ties to TX (or anywhere else in the US) and needs an employer to sponsor his work h-1b visa, this isn't just a questionable financial decision. This is a terrible financial decision. Please don't do it.

[nouseforaname123]

A lot of people think the analysis changes significantly if you can pay out of pocket instead of borrowing money. I tend to disagree. Its still 150k. You could do a lot with that kind of money. Its a huge start on retirement savings. You could buy a house with it in many parts of the country. You could spend years traveling around the world. . .

Or you could spend it on law school, with the hope that after 3 years of school and 5 years of work you'll have made it all back (and that's hardly a hope you can bank on at UT). And you also have to hope won't be unhappy with school/practice during the 8+ years it takes to get your savings back to where you started.

150k for UT is too much regardless of whether you're borrowing or paying out of pocket.

Paying out of pocket vs debt financing drastically changes the equation post-graduation:

1. Lots of practicing lawyers stuck in jobs they don't like because of student loans. Indeed, many of them have chosen entirely different career tracks to begin with if they didn't have debt.

2. Striking out at OCI with no debt is a setback. Striking out at OCI with $150k+ in debt looming on the horizon is life altering.

Still, as an ESL dude with absolutely no ties to Texas (or any other US region) who *needs* biglaw in order to remain in the country, paying 150K for UT sounds like an atrocious idea. Depending on OP's English mastery median won't be easy, and he's fucked at median.

I'm not saying it is a good idea. Only that there is a not insignificant difference in risk between paying $150k out of pocket and financing $150k.

[McAvoy]

Paying out of pocket vs debt financing drastically changes the equation post-graduation:

1. Lots of practicing lawyers stuck in jobs they don't like because of student loans. Indeed, many of them have chosen entirely different career tracks to begin with if they didn't have debt.

2. Striking out at OCI with no debt is a setback. Striking out at OCI with $150k+ in debt looming on the horizon is life altering.

Still, as an ESL dude with absolutely no ties to Texas (or any other US region) who *needs* biglaw in order to remain in the country, paying 150K for UT sounds like an atrocious idea. Depending on OP's English mastery median won't be easy, and he's fucked at median.

I'm not saying it is a good idea. Only that there is a not insignificant difference in risk between paying $150k out of pocket and financing $150k.

Agreed -- sorry, wasn't trying to be combative -- I was just reiterating that, even with your comment in mind, it's still probably a poor investment.